Individual Restaurant Company, the operator behind the Piccolino and Restaurant Bar & Grill formats, which delisted its shares from AIM this morning, is to spend this year exploring ways to enhance revenue across its 33-strong estate before returning to the expansion trail in 2012. The company was taken private after the bid by W2D2 Ltd, the consortium led by leading shareholder Malcolm Walker and chief executive Steven Walker, was declared wholly unconditional at the start of June. The bid valued the group at around £17.4m including debt. The group’s board now comprises Malcolm Walker, chairman; Steven Walker, chief executive; Vernon Lord, managing director; Iain Donald, commercial director; Adrian Green, finance director; plus non-executive director Tarsem Dhaliwal, who was also a member of W2D2 Ltd. Robert Breare, chairman, and non-executive director Richard Sampson stepped down from the company’s board over two weeks after the takeover approach from the W2D2 Ltd was declared wholly unconditional. Lord told M&C Report that the group is set to carrying out a round of fund raising, with the new investment set to go toward “revenue enhancing” additions to its existing estate, such as private dining rooms and more external seating areas. He said: “Significant investment went into the initial opening of each site so the new investment will not be needed to refresh the existing restaurants but to enhance each offer. We will spend the rest of this year concentrating on bedding down the new team, deciding on a strategy for the group going forward and improving our offer further. We will then look at opportunities to again grow the estate.” W2D2 Ltd, which also included shareholder Paul Dawes, made its initial bid for IRC in April and said at the time that it believed the company “requires additional capital in order to re-commence its long term growth plans”, and that its current bank facility “does not have sufficient headroom to allow additional capital expenditure”.