Breare may be oriental bidder

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 (21 July) that it 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 (Caterer, 13 July, page 5).

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." 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.

The group has seven upmarket Oriental restaurants in the London area, including Imperial City and Sri Thai. It has opened four restaurants in its fledgling noodle bar chain, Yellow River Café, and also runs one Shimla Pinks Indian restaurant.

Noble House is already in the throes of buying 10 restaurants from Fatty Arbuckles, which went into receivership earlier this month (Caterer, 20 July, page 5). It also owns the Jim Thompson's chain of Oriental-themed pub-restaurants.

If its bid for Oriental succeeds, it would be likely to keep the Yellow River chain and the successful London restaurants, but possibly convert the loss-making Pacific Oriental restaurant in the City into a Jim Thompson's.