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.
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By Chris Druce
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