Town Centre Restaurants (TCR), the operator of the Café Giardino, Auberge and Azzurro brands, has completed a secondary buyout, after Gresham Private Equity agreed to buy Royal Bank of Scotland’s 70% stake in the company for £48m. TCR is expected to use the proceeds from the deal to improve its offer and embark on an expansion programme to almost double its existing estate of 53 sites over the next four years. The company currently operates 40 Café Giardinos, nine Auberges, and four Azzurros but expects to have 80 Giardino, and 10 each of its other two brands by the end of 2010. Mark Winter, chief executive of TCR, said that with Gresham’s backing the group plans to double turnover from £30m to £60 by 2011. He said: “Partnering Gresham will provide us with a strong platform from which to rollout to our target areas. The new funding will enable us to make further improvements in our business and improve the service given to our customers.” As part of the deal Neil Scragg and Christian Bruning, directors at Gresham, replace two Bank of Scotland backers on the board. At the same time, Richard Simpson, former chairman of Individual Restaurant Company, which Gresham exited in November, has been appointed chairman. Debt for the deal was provided by Clydesdale Bank.