Caterer and Hotelkeeper – 31220

MICHAEL Purtill (right) was in surprisingly philosophical mood after seeing his management buyout bid narrowly beaten by an offer of about £65.2m from John Lewis.

"At the end of the day they offered a higher price," he said. "I wish them success."

Despite losing control of the group he founded 10 years ago, Mr Purtill vowed last week to start all over again.

"Market conditions are right to make some interesting acquisitions," he said. "The biggest difficulty currently is getting funding, but in terms of credibility we have been through that hoop."

He said his backers, Legal & General, were still keen to support him and he was already looking at a number of properties.