Hakkasan Group chief executive Neil Moffitt believes Brexit could make London a more attractive proposition as it eyes further expansion in the UK.

Moffitt said that the potential for cheaper real estate in the capital meant the company was actively considering further growth in the city.

He also said the global restaurant and entertainment group was close to signing a deal to bring seven restaurants to Saudi Arabia.

Moffitt said going forward, the group was looking to establish clusters of restaurants as it expands its 15-strong global portfolio, rather than logistically challenging individual outposts.

It follows the announcement earlier this month of two venues in Bali as part of the biggest investment of its kind in Indonesia.

Moffitt said: “Our vision moving forward is we want to expand our brands where possible

“Opportunities for mergers and acquisitions will be our focus – developing new brands and expanding them.

“As long as they have that social dining aspect, that is the most important thing. We are happy to expand into different areas of food.”

Moffitt was speaking at an industry panel discussion held at Sake no hana in St James’s, coinciding with the 15th birthday of the group, which was founded by Alan Yau and is backed by Alliance International Investments LLC, an investment company based in Abu Dhabi.

The Coventry-born former pub and nightclub owner joined the Hakkasan Group after relocating to America, where the group has become the largest non-gaming company in Las Vegas with a $100m a year turnover nightclub at the MGM Grand.

Contrasting the US and UK, Moffitt described Las Vegas as “the centre of the hospitality universe” while the UK was only now catching up in terms of service standards.

He said the concept of social dining had loomed large in the US for many years whereas in the UK it was a relatively new phenomenon.

But he said London was far more international, cosmopolitan and cooler than New York – though both had seen their nightlife “go backwards”.

He described how Las Vegas had saved itself from financial oblivion after the recession by reinventing itself as a clubbing destination and attracting younger consumers from California.

But asked whether the Vegas VIP mega club experiences could help London’s ailing nightlife, he was sceptical.

“I’d love to say it’s possible, but there are very few markets in the world where it could work”, he added.

“I think that anyone who wants to try it is doomed to fail.”