Little Chef chief executive Tim Scoble has said he will lead a management buyout of the roadside restaurant chain if owner, Permira, decides to walk away from the troubled group before he has finished transforming it.

Speaking to Caterer magazine, Scoble said Permira had planned to rapidly turn Little Chef around after acquiring it a year ago and prepare it for a float – but the chain was in too much trouble.

Scoble blames underinvestment and over-pricing by its previous owners, Granada and Compass for Little Chef’s deterioration, but has already begun rebuilding the chain by restructuring its management and trialling new ideas through development sites – including a new flagship restaurant in Thame, Oxfordshire.

Two new sites are set to open in the next two months and Scoble is currently identifying sites for disposal from the chain’s 350-strong portfolio.