Bank Restaurant Group poised to sell to Piccolino owner

20 November 2006
Bank Restaurant Group poised to sell to Piccolino owner

Bank Restaurant Group has confirmed it is in the final stages of a reverse takeover deal with the Individual Restaurant Company (IRC), owner of the Piccolino Italian eateries.

IRC, founded in 1999, has 11 Piccolino restaurants and three The Restaurant Bar + Grills, along with three individually branded sites.

Altium have been appointed as financial advisors and brokers for the deal and are conducting a fundraising at 3p per share before an intended share consolidation.

Bank's management said in a statement: "Discussions are ongoing and there is no certainty that they will lead to a transaction."

In November last year Bank paid £4m for Conran's Zinc Bar & Grill restaurant chain and has been looking to add to its portfolio since.

Profit up at Bank Restaurant Group in first half of year >>

Bank to double Zinc's estate >>

Bank Restaurant Group's managing director quits >>

Bank group offers £4m for Zinc chain >>

By Chris Druce

E-mail your comments to Chris Druce]( Restaurant Group poised to by Piccolino owner) here.

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