Tragus Holdings has appointed Close Brothers to advise it on its strategic options. The owner of Cafe Rouge and Bella Italia could undertake a £200m-plus stock market flotation. Legal & General, 85% owner, is believed to favour an initial public offering. But a trade sale or tertiary buyout are other options it could consider for the 161 restaurants, 86 of which trade as Café Rouge and 68 as Bella Italia. It has also just launched Ortega, a Spanish tapas chain, which has three sites. The Times 30/09/06 page 52, page 54 (Need to know), page 56