Charterhouse Leisure, which trades as Coal Grill & Bar, has been acquired by Sunshine Capital, MCA understands.
The deal to acquire the nine-strong group from Beringea and Octopus Capital sees chairman James Horler leave the business with immediate effect. Chief executive John Gater stepped down in December. Interim managing director Glenn Campbell and finance director, Michelle Carpenter, will remain with the company.
The company was advised on the transaction by CDG Leisure and will continue to be supported by Barclays.
The group was originally put on the market in 2016, when it had ten sites and was thought to be valued in excess of £9m.
Sunshine is a newly incorporated company led by chief executive, Sumit Chadhi, who previously set up chicken chain, Frangos.
He said: “We are delighted to have secured the successful acquisition of Charterhouse Leisure Ltd and believe that under our stewardship, the Company is well positioned to strengthen its performance, build new restaurant destinations and provide great development opportunities for the team.
Stuart Veale, Managing Partner at Beringea said: “We have been very supportive of the business for over ten years and believe this is the right time for us to exit and for the company to be under new ownership and wish it every success in the future.”
Charterhouse operates nine high volume casual dining restaurants in Basingstoke, Bristol, Bristol Waterside, Exeter, Meadowhall, Milton Keynes, Gloucester Quays, Telford and Swindon.