Mon, 05 Jul 2010 | BUSINESS SALE
Cafe group Tragus is in talks to buy its rival, Paramount, owner of brands such as Chez Gerard, Caffe Uno and Bertorelli for a reported £50 million.
The buyout could mean that other outlets among the 73 owned by Paramount, including fish restaurant Livebait and Brasserie Gerard, could also be up for sale or turned into existing Tragus brands.
Blackstone-backed Tragus, one of Britain's largest restaurant operators with around 280 outlets including Cafe Rouge, Bella Italia and Strada, is especially keen on the 11-strong Chez Gerard chain.
Paramount was taken over by its lenders a year ago following a £55 million debt for equity swap and earlier this year hired Christie & Co to sell 37 outlets. The firm also asked Christie & Co to sound out interest for a takeover of the entire company.
It is widely believed that Tragus - which was acquired by Blackstone for £267 million in 2006 after backing a management buyout - may face stiff competition from rival restaurant groups in their bid to pick up Paramount.
One possible buyer is Richard Caring, owner of The Ivy and the Cote chain of brasseries.
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