Image Restaurants, the UK-listed restaurant group, is reportedly up for sale after hiring City Financial Associates and leisure property specialists Shelley Sandzer to conduct a strategic review of the business.

Image has a portfolio of five upmarket eateries in West London including Launceston Place and The Avenue. Analysts estimate it could fetch up to £11m if sold. 

A strategic review in December 2005 by Seymour Pierce resulted in plans for a flotation but this was later abandoned. 

Image's directors include Icap group CEO Michael Spencer and Michael Rose, CEO of Marks & Spencer. No potential buyers have yet been identified.