Madisons Coffee has sought shareholders' approval for a placing of 30 million new shares to fund a potential acquisition. The company said: "The placing will give the company the flexibility and fire power to best position itself to take advantage of additional acquisition and growth opportunities." The group has also announced that it will change its name to Gourmet Holdings to mark its move away from the coffee sector. In March, Madisons brought in Andrew Guy, the former chief executive of The Restaurant Group, to lead its acquisition strategy Industry speculation has linked the company to Bel and the Dragon, the four-strong gastro pub group. The company was formed in 1997 by partners Ian Glyn and Michael Mortimer. Glyn was a former director of Luminar Leisure and a creator of Country Style Inns. He is also a shareholder and director of Loch Fyne Restaurants, the expanding seafood restaurant chain.