Paramount Restaurants - which owns Chez Gerard, Bertorelli and Brasserie Gerard - has announced a financial restructuring of the business.

Private equity house Silverfleet Capital has sold its entire interest in the group to the Royal Bank of Scotland, HSBC, Barclays and Sankaty.

The undisclosed sum will provide funding to enable the new management team to complete its upgrade programme, which will include refurbishing the London estate.

Mark Phillips, CEO of Paramount, said: "The financial restructuring means that the new senior management team, who have been appointed over the last 12 months, can now focus all their efforts on the upgrade programme which they commenced last year.

"The restructuring, together with the injection of new money, will provide stability for the group and enable it to continue to invest in its brands and assets. This is a business with real potential, and the restructuring gives us the opportunity to fulfill this potential."

Gareth Whiley, a partner at Silverfleet Capital, added: "We wish the management team of Paramount every success. We hope that the restructuring enables this well-known brand to continue its investment programme and ensure a stable future."