Tragus Holdings, the operator of the Café Rouge and Bella Italia brands, is meeting with investment banks to discuss the possibility of a future float or sale, according to reports.
The company has already arranged meetings with three different banks, thought to include UBS and Citigroup, to discuss its future strategic options, including a float on the London Stock Exchange or a sale to a trade buyer or private equity group.
However, Graham Turner, chief executive of Tragus, intimated that a possible floatation for the business was not imminent.
He said: “We haven’t appointed anyone. When we do, we will announce it.”
The company, which was acquired by Legal & General Ventures in January 2005, is likely to be valued north of £200m, given its current ebitda of £22m.
Last month, the group reported like-for-like sales up 7.7% for the year to 28 May, with Turner, describing the year as one of “considerable progress”.
The company saw ebitda rise by 32% to £22m, with total turnover up 11.1% to £130m.
Turner said: “It has been a year of considerable progress for our group, with a successful refinancing and our Café Rouge and Bella Italia brands both performing well.”
The company opened seven new restaurants during the period, including six Café Rouge and one Bella Italia.
The group also unveiled its first Ortega restaurant, its new Spanish tapas bar and cantina concept, in Harrow, Essex, on 4 July.
It aims to open a further three Ortega outlets by the end of the year, before assessing the concept's rollout potential.
Tragus said it was continuing to target 12 new openings a year and had a “strong pipeline of sites” for the coming 12 months and beyond
Turner reiterated that there was “scope” to double the size of the Café Rouge estate in the UK, which currently stands at 85 outlets.
