Park Place backs Lotto in bid to buy out Signature
Park Place Capital, the majority shareholder in Signature Restaurants, has announced that it currently has no plans to accept the £24.7m management buyout offer for the group by Pinco - a company formed by Signature chairman, Luke Johnson; chief executive, Andrew Bassadone and finance director Nicholas Fiddler.
Park Place has confirmed that it is working with Giuliano Lotto, owner of A-Z Restaurants, who is said to be working on a bid worth 70p per share - 10p per share more than the Pinco offer.
Pinco has secured the backing of shareholders representing 20.3 per cent of share capital, unless a competing offer of 70p per share is announced by 22 October.
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