New owner on menu for ex-Conran chain

A LITTLE-KNOWN private equity firm is poised to swoop on the restaurants empire founded by Sir Terence Conran in a deal which could value the business at more than £100 million.

Montecito Equity Partners is in talks to buy D&D London, which owns a clutch of high-end restaurants in the capital, Sky

News reported. The business, which includes Bluebird in Chelsea and Coq d’Argent in the City, was set up by Conran, who died last year.

It was later renamed after its current chairman Des Gunewardena and deputy chairman David

Loewi who took a stake in 2006. LDC, the private equity arm of Lloyds Banking Group, took control of the business in 2015.

It is understood that trading has been strong since restaurants were allowed to reopen and the business has received several approaches to invest, which will enable expansion in the UK and overseas. Montecito is likely to take the largest chunk of the firm in any deal, with LDC cutting its share and management increasing their stake.

Montecito is based in Kensington, West London, and was founded by former UBS executive Pravir Singh, a long-term friend of Gunewardena.