Private equity firms target restructured La Tasca owner

Private equity firms are circling Bay Restaurants, which owns the La Tasca and Ha Ha Bar & Grill brands, according to reports.

The news comes as Bay Restaurants completes a restructuring which will see the Slug and Lettuce chain transfer to its sister firm, Town & City Pub Company, following the decision of chief executive Paul Symonds to leave.

The Times reported that several firms were interested in buying Bay following the restructure, and that it could fetch up to £100m.

Symonds is thought to be looking at making acquisitions in the leisure sector, with one possibility being a buyout of Bay Restaurants. Other interested firms are thought to include Tragus, which owns Cafe Rouge and Strada, backed by private equity firm Blackstone.

Bay Restaurants and Town & City were previously owned by entrepreneur Robert Tchenguiz as part of his Laurel Pub Company but were forced to split in March 2008 as part of a pre-pack administration.

Bay Restaurant Group refinances in a debt-for-equity swap >>

Leading pub and restaurant groups boost December sales >>

Leading pub and restaurant groups boost December sales >>

By Neil Gerrard

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