La Tasca owner ‘attracts buyout interest’

LA TASCA owner Bay Restaurants is being circled by private equity-backed firms keen to snap up the group, it was reported yesterday.

Bay is understood to be completing a restructuring that will see its Slug and Lettuce chain transfer to its sister group Town & City Pub Company, a move expected to put the group in the frame for takeover. There have already been several approaches from interested suitors, according to one newspaper.

Its overhaul is said to follow the decision of its chief executive Paul Symonds to leave. He is believed to be looking at acquisitions in the leisure sector and is reportedly in talks with a number of private equity firms.

It is thought he may look at launching a buyout bid for Bay, with other possible interested parties including Cafe Rouge and Strada restaurant firm Tragus, backed by private equity firm Blackstone. Experts have reportedly put a price tag of at least £100million on the firm.

Bay and Town & City were previously owned by entrepreneur Robert Tchenguiz as part of his Laurel Pub Company. Bay comprises three high- street chains – the 24-strong Ha Ha Bar & Grill, 82 Slug & Lettuce outlets and 73 La Tasca eateries. La Tasca outlets in Scotland include one in Aberdeen. The transfer of Slug & Lettuce will boost Town & City Pub Company’s portfolio to 230.