Breare makes bid approach to Oriental Restaurants
Noble House Leisure, the company set up by Robert Breare to target acquisitions in the pub and restaurant sector, is understood to be behind the takeover approach made to London-based Oriental Restaurants.
Oriental said on Friday that it had had received an informal offer "which may or may not lead to an offer for all of the issued share capital of the company".
It made the announcement in response to a sharp rise in the company's share price, which had previously slumped following a profits warning and disappointing financial results.
Oriental would neither confirm nor deny that the approach had come from Noble House.
Tony Carson, managing director of Noble House, said: "I can't confirm anything. It would be wrong for me to do that." Breare could not be reached for comment at the time of writing.
However, Noble House is understood to have submitted a letter to Oriental, indicating how much it is willing to pay for the company. Oriental has yet to respond.
Noble House is also in the throes of buying 10 restaurants from Fatty Arbuckles, which went into receivership earlier this month.
by David Shrimpton david.shrimpton@rbi.co.uk
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