Advisers have been appointed to seek new funding options for Town Centre Restaurants (TCR), the operator of eateries within UK shopping centres, M&C Report understands. Gresham, the private equity group, which acquired a 70% stake in the business as part of a £48m secondary buy-out in 2006, is believed to have appointed Zolfo Cooper to seek new investment for the group, which could include a sale of the business. The group, which is led by chief executive Mark Winter, currently operates 38 sites, predominantly in the South East under the brands Café Giardino, Auberge and Azzuro, after trimming its estate over the last couple of years. The group completed a restructuring process in 2011 and it is thought that if new investment is not found that the business could look at a debt-for-equity swap or further options to continue trading. M&C Report understands that a number of operators have already expressed an interest in some of the group’s outlets, including Gourmet Burger Kitchen and Gondola, if funding is not obtained. The company hopes to use the new investment to continue the estate-wide refurbishment programme it commenced last year. The first site to have been upgraded was the Café Giardino in Lakeside, with a further unit in Crawley following later in the year. It is thought that the initial results from the redesigned outlets have been encouraging. The group saw its pre-tax losses narrow in the 52 weeks to 31 January 2011, from £9.3m to £5.9m, while its operating losses were reduced from £6.03m to £1.36m. Turnover dropped from £23.2m in the previous year to £21.4m, while Ebitda increased slightly from £1.41m to £1.42m.