Caprice Holdings, the owner of London celebrity restaurants Le Caprice and the Ivy, is to buy the Rivington Grill, an independent restaurant business owned by its chef director, Mark Hix, and managing director Des McDonald.
Hix said the sale was designed to "free up cash" in order to develop and expand the business.
Hix and McDonald opened the first Rivington Grill in Shoreditch three years ago as an independent venture from Caprice Holdings. A second Rivington Grill next to the Greenwich Picture House will open in January.
The 40-seat restaurant and bar, bought for an undisclosed sum, was formerly a pub and will serve up British bistro-style food at an average spend of £30 a head including wine.
Hix said he hoped to expand the concept to about six outlets.
The deal with Caprice Holdings is likely to complete shortly. Property agent Davis Coffer Lyons acted for sellers City Screens.
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