Muzinich Private Debt has acquired a controlling stake in Busaba Eathai, through a new holding company Curry Acquisitions.

Muzinich already had a stake in the business, but documents filed at Companies House show that a stake of at least 75% has been acquired by the holding company, which lists Rafael Torres – head of private debt, Iberia at Muzinich – as its sole director.

Muzinich provided Busaba with a private debt deal of c£16m, in summer 2016, before upping its stake in the Phoenix Equity Partners-backed restaurant group in October 2017. It was understood that Muzinich has secured a debt for equity swap, taking a significant minority stake in the business at the time.

The most recent move by Muzinich sees Phoenix relinquish control of the business they have backed since 2008, when it invested £21.5m in the roll-out of the then three-strong chain founded by Alan Yau.

Last summer Busaba closed its St Albans restaurant, which was acquired by Sushimania – its last outside London after closing sites in Manchester and Liverpool the previous year. The chain currently operates 13 restaurants.