Naggar plans £28m bid for Paramount

Restaurant group Paramount has revealed that its executive chairman, Guy Naggar, is behind a potential £28m buyout.

In a trading statement, the company, which owns Groupe Chez Gérard, confirmed Naggar was working on a bid for the group with business associate Peter Klimt.

Backing for the deal is being provided by private equity company North Atlantic Value. It is believed Naggar is keen to bring other members of Paramount's management team on board.

Paramount revealed it had received an approach for the group in June, when its share price bounced after takeover speculation. However, a spokeswoman for the company said no official offer had been made.

The group added that business for the full year to 30 June had been brisk, with like-for-like sales for the year up 5.6%