D&D London could go to auction for £100m

D&D London – which operates restaurants in the capital such as the Bluebird in Chelsea and Coq d'Argent in the City – is understood to be exploring a sale after prior talks with a London-based investment firm fell through.

Sky News reported that LDC, the private equity arm of Lloyds Banking Group which has owned a majority share in the business since 2013, has appointed Interpath Advisory to launch a sale process for the group, which is estimated to be worth around £100m.

D&D was reported to be close to being bought by Montecito Equity Partners last year, however Sky said the talks failed to result in a deal.

David Loewi and Des Gunewardena created D&D London from a management buyout of Sir Terence Conran's restaurant company in 2006. It has more than 45 restaurants and bars worldwide, as well as the South Place hotel in London, and generates annual revenues of around £150m. Sites include German Gymnasium in King's Cross, Le Pont de la Tour (pictured) overlooking Tower Bridge and 14 Hills in the City, as well as Klosterhaus in Bristol.

LDC declined to comment. A spokesperson for D&D said: "Current trading across our portfolio is very strong."

The Caterer previously reported that Gunewardena and Loewi would remain in their posts as chair and deputy chair, respectively, should the group be sold.