The owners of the Milano restaurant chain, Pizzaexpress, today said it had received a number of approaches from potential bidders.
The group said one of these approaches involves the executive directors and as a consequence the board has formed a committee of independent directors comprising the non-executive directors to consider this and other approaches.
Following the news shares in the company rose 24 per cent to 330 pence on the London market. The company said shareholders should take no action at this time and a further announcement will be made in due course.
There are six Milano outlets in the State and one in Northern Ireland. Shares in Pizzaexpress have been under pressure and before today had fallen 70 per cent this year.