Eataly, the Italian food emporia and restaurants group that’s reportedly in talks with the family behind Selfridges about bringing the concept to London, has sold a 20% stake to Italian investment firm Tamburi Investment Partners (TIP) as part of a move to list on the stock exchange.

The group, which is led by Mario Batali, is targeting flotation in 2016/2017. It sold the stake for €120m (£100m).

The move is said to part of a target of expanding across to other international markets.

In January a spokeswoman for 26-strong group, which is expected to reports a 30% rise in turnover for 2013 to $407m, told the Evening Standard that the group was “looking at a possible opening in London in the 2016 time frame”.

The newspaper said that Selfridges’ Canadian owner Galen Weston and daughter Alannah, who is creative director at the retailer, have been working up plans with property developer Stanhope to expand the department store in Oxford Street.

It is understood that Seb Howard at CBRE is advising Eataly on its UK launch.

Oscar Farinetti set up the first Eataly in 2007, in an old vermouth warehouse in the Lingotto district of Turin. More sites under the format are planned by 2017, across America and in Paris.