Living Ventures, the bar and restaurant group which owns the Living Room and Est Est Est chains, is up for sale with a £40m pricetag. The company was founded in 1999 by the leisure entrepreneur and former Australian soap star Tim Bacon and partner Jeremy Roberts. Leisure company The Restaurant Group (TRG) now owns a 40% stake in the business, buying out Roberts in 2005. Interest in the sale is expected to come from both private equity groups and rival restaurant chains. If a sale is completed, Bacon is rumoured to be interested in buying back the company's Italian restaurants and steakhouses from the new owner.