Ian Neill, chief executive of noodle bar chain, Wagamama, has confirmed that Deloitte Corporate Finance has been appointed to give advice to the group on a possible stock market flotation which could value the business at around £50m.

Neill also confirmed that Wagamama – which private equity group, Graphite Capital, owns around a 60 per cent stake in – has expressed an interest in pursuing an AIM listing by June this year, depending on market conditions.

In the year to April 2003, Wagamama reported pre-tax profits of £2.6m from turnover of £25.3m.

The group currently operates 22 restaurants in the UK, with another site due to open at Mansion House in London soon and a further venue due for completion at Brent Cross in late April.

According to Neill, there will be a ‘number of other sites’ which will open this year, including one in Richmond in June and another in Brighton currently scheduled to open in October.

Neill said: “I think we have a lot of activity because we offer great, price-driven value and people like the quality of the food they get for where we’re positioned in the market.

“Wagamama taps into a universal need for good food, served fast,” he said. Details: www.wagamama.com