Bay Restaurant Group lined up for £100m sale

The group behind La Tasca and the Ha Ha Bar and Grill chains could be sold for up to £100 million after several private equity group expressed an interest in buying it.

Bay Restaurant Group, which was once part of property tycoon Robert Tchenguiz empire, is currently separating its restaurant interests from the Slug & Lettuce pub chain which could make it more attractive to bidders.

Bay and its sister company Town & City Pub Company are now controlled by Icelandic bank Kaupthing which had lent hundreds of millions of pounds to Tchenguiz and had to accept a debt for equity swap last year.

The sale of Bay has been partly prompted by the reignation of its chief executive Paul Symmonds who is reported to be looking for acqusitions in the restaurant sector.

There are 73 La Tasca tapas bars and 24 Ha Ha Bars and Grills. Town & City owns sowem 230 pubs and bars including the Yates chain.