Pinco 1771, the investment vehicle of Luke Johnson, and Park Place Columbia, have made a joint bid of £25.2m for Signature Restaurants.

The offer price of 60 pence per share represents a premium of 43.7% to the closing price of 41.75 pence per share on 2 May 2002, the last day prior to the announcement of an approach by Signature.

Pinco and Park Place Capital, acting in concert with A-Z restaurant owner Giuliano Lotto, had been rivals in the battle to secure the owner of The Ivy and Le Caprice.

Park Place had previously threatened to use its 29.5% stake in Signature to block Pinco’s offer but the two parties reached a stalemate in November last year.