The management team of Conran Restaurants has acquired a 49% stake in the business, in a deal that values the company at £50m. Led by Des Gunewardena, chief executive of Conran Holdings, and David Loewi, managing director of Conran Restaurants, the management team was backed by Bank of Scotland (BoS), which will take an 18% stake in the new group and provide debt funding. Conran Holdings, which was founded by entrepreneur Sir Terence Conran, still owns 51% of the restaurant business. Gunewardena becomes chairman and chief executive of the new group, while Loewi remains managing director. BoS is to invest £10m into the new company, which has announced plans to open six new restaurants in the next 12 months. This will include three sites in a waterfront development in Copenhagen, two in Tokyo and a further site at the Royal Festival Hall, London. Gunewardena said: "We have a first class restaurant business with lots of potential for growth. The success of Conran Restaurants was built on being innovative and entrepreneurial. "Though what we do in the next ten years may be different from what we have done in the past ten, this spirit of enterprise will remain unchanged.“ The sale of the 49% stake in its restaurant business follows Conran Holdings’ disposal of its 50% stake in the Great Eastern Hotel earlier in the year. It is also a further step in the company’s strategic refocus toward being principally a retailing, design and brand/product licensing business. Conran runs 20 restaurants in UK, Paris and New York, including Sauterelle, Bibendum and Bluebird in London.