Piccolino and The Restaurant Bar & Grill brands bought in £40m deal

The 28 restaurants were acquired by Ice Acquisitions Limited, controlled by Iceland founder and executive chairman Sir Malcolm Walker and Iceland MD Tarsem Dhaliwal.

The deal secures the future of 28 restaurants, protecting the jobs of 1,300 employees.

Thirteen of the restaurants in the group are currently open for collection and delivery and will fully open for dining on 2 December along with the other 15 restaurants, subject to any government or local restrictions.

Sir Malcolm has backed the collection since 2011.

“Like other hospitality businesses throughout the UK, these restaurants have been severely affected by the covid-19 pandemic,” says Dhaliwal

“I am delighted that we have been able to secure a solution that safeguards 1,300 jobs in these excellent restaurants, and provides an opportunity for these great eating-out brands to flourish again when the current pandemic is over.”

Individual Restaurants was understood to be working with Deloitte on an accelerated sales process.

The joint venture with Gino D’Campo was not included as part of the deal.