Paternoster Acquisitions, an investment vehicle managed and advised by private equity firm Cinven, has confirmed that it is considering making a £559m offer for Gondola Holdings, the restaurant group which owns Pizza Express and ASK.

TDR Capital and Capricorn Ventures, who still own a combined stake of 48 per cent in the group, floated Gondola on the London Stock Exchange last November and have said they would accept 400p per share including dividends for their shareholding. Other shareholders would receive 415p per share.

Cinven has been granted a period of due diligence by Gondola and also received irrevocable undertakings, which stops any third party approach of less than 456.5p before the end of this year.

TDR and Capricorn bought Pizza Express from its co-founders in 2003 for £278m and acquired the ASK and Zizzi brands in May 2004. Details: www.gondolaholdings.co.uk