Argentine steak-house operator Gaucho Grill is believed to be in advanced talks over a buyout by Intermediate Capital Group (ICG), which would value it at £120m.
Gaucho Grill, which operators 11 restaurants around the world including nine in London, one in Manchester and its original site in Amsterdam, would be bought at a premium above the £110m it sought through a stock market flotation abandoned in November.
The report, in today's Times said current private equity backer Phoenix Equity Partners would sell its 45% stake as part of the deal while Gaucho's management would roll over their combined holding of approximately 55%.
The company abandoned its flotation plans with observers citing "highly volatile stock- market conditions" at the time before last week's profit warnings from casual dining operators Clapham House Group and Regent Inns.
By Christopher Walton
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