Signature battle intensifies

Signature Restaurants has won approval for its management buyout of investors holding 46.5% of shares but remains locked in a stalemate with shareholder Park Place Capital.

Guiliano Lotto, owner of A-Z Restaurants, together with investment group Park Place Capital, which holds a 29.5% stake in Signature, has refused to accept a 60p-a-share offer from the management team at Signature.

However, it is also stalling on putting in a higher bid of 70p per share, which was expected this week. A-Z declined to comment on its intentions.

A spokesman for Signature Restaurants said that, as a majority share-holding approval of 90% was needed to go ahead with the MBO, Lotto appeared simply to be blocking the management buyout. It is understood that Lotto has been keen to buy the Ivy and Le Caprice from Signature for some time.

Signature Restaurants also owns the Belgo, Bierodrome, Strada and J Sheekey restaurants.