The private equity house run by the former Marks & Spencer executives Luc Vandevelde and Roger Holmes is close to sealing the purchase of Rossopomodoro in a deal that would value the Italian restaurant business at €53m (£44.7m) Change Capital will take a "significant majority" stake in the restaurant chain, according to insiders. It will be the first deal Change has led in Italy. The restaurant chain was founded i Naples in 1988 and has 110 outlets in Italy. Change hopes to develop the group internationally. It already has venues in Britain, the United States and the Middle East. As part of the deal, the restaurant group's existing private equity backer, Quadrivo, will sell its stake. The three founders of Rossopomodoro will retain shareholdings in the business. The Sunday Times, Business, p2.