Barracuda Group, which owns the Varsity and Smith & Jones bar chains, has been put up for sale. The company has since relaesed a statement saying that it is looking at a number of options, including a refinancing, IPO or sale to another private equity or strategic buyer. According to The Sunday Times, PPM Ventures wants £150m for the 155-strong chain. But The Mail on Sunday says the company has been valued at up to £300m. Barracuda, one of the best performers in the sector, made a pre-tax profit of £19.8m on a £94.4m turnover last year. Citigroup investment bank has been appointed to evaluate options for the company. These include sale to another venture capitalist, flotation, refinancing and a trade sale. The Sunday Times 27/02/05 (Business) page 3.2 The Mail on Sunday 27/02/05 (Financial Mail) page 2