The independent directors of bar operator, Yates Group, have confirmed they expect to announce a £93m management buyout tomorrow.

The deal, worth 140p per share, is backed by US-based private equity fund, GI Partners and will be announced alongside Yates’ preliminary results for the year to 28 March.

Yates, which operates the Yates Wine Lodge and Ha Ha Bar & Canteen brands, announced last week that it had begun talks with GI Partners and the board formed a committee of independent directors comprising Mike Hennessey, Christopher Fisher and James Kerr-Muir.

The buyout is being led by Yates chief executive Mark Jones.

Under the offer, any final or second interim dividend declared in respect of the last 52 weeks’ trading will be included in the offer price and not paid to shareholders separately if the offer become unconditional.