The Atlantic Bar & Grill in London's Piccadilly is reopening next week, but only for private parties and events.
Restaurant consultant Simon Wright and his company TGP have agreed with landlord the Regent Palace hotel to operate the site for private events until Christmas.
The Regent Palace's lease on the hotel and restaurant ends in December 2006, but it is understood that administrators BDO Stoy Hayward are looking for a new operator to manage the site until then.
Wright admitted discussions were under way to reopen the restaurant and bar under a new name from January.
"We are still in talks about next year," Wright said. "We already have a relationship with the Regent Palace as we run the nearby Titanic for them.
"The site could be operated as a bar and restaurant from next year but that will depend on the situation with the hotel. There are other people who could also be interested."
Wright added that he wouldn't spend heaps of money on the site without getting an extension on the lease.
Sources close to the deal confirmed it was likely that Wright would open a new business in January with possible plans for a refurbishment.
Oliver Peyton, founder of the former celebrity haunt, was ejected by bailiffs at the end of September following a dispute over rent.
Commenting on the Atlantic's closure, Peyton said: "We are sorry that the situation has come to this, but we look forward to returning with the Atlantic Bar & Grill once the building is redeveloped."
By Jessica Gunn
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