Private equity firm Hutton Collins has been granted a period of exclusivity in its £35m approach to Loch Fyne Restaurants.
Having sidelined rival Isis Equity, the company now has time to firm up a deal, with an announcement expected towards the end of this month.
The company confirmed a period of exclusivity had been granted to a financial bidder, but added: "There is no certainty that an offer will be forthcoming."
Loch Fyne, which operates 25 restaurants in the UK, is exploring options to refinance the business as the Enterprise Investment Fund used to bankroll the company matures later this year.