Pizza Express has received a £250m takeover bid for the company from its former owner, Hugh Osmond.

The indicative offer is in the range of 330-350p per share.

Pizza Express had said that over the weekend it had received an offer but refused to name the buyer.

Yesterday afternoon, however, an announcement by ING Barings, acting as financial advisor to Twigway, a newly formed company established by Osmond's company, Sun Capital Partners, along with Capricorn Ventures International said they had approached the board of Pizza Express.

Osmond was responsible for taking the group public in 1993, along with Luke Johnson - who is currently attempting a management buyout of Signature Restaurants - and David Page. In 2000, he left Pizza Express to head Punch Taverns which he floated earlier this year.

Sun Investment Capital was formed in July 2001, while Capricorn Ventures International is a privately owned investment group and the largest investor in Nando's International.

The Pizza Express bid follows a year of poor trading for the group, with figures for the first quarter to 22 September showed a 4.4 per cent decline in like for like sales. The company saw a sharp rise in its share price last week from 245p to 320p however, amid speculation that an offer may be imminent.

Pizza Express recently announced that it is embarking on a refurbishment programme for its older restaurants.

The group has said it will make a further announcement regarding the takeover bid in due course and advises shareholders to take no action at this time. Details: www.pizzaexpress.com