Private equity firm Hutton Collins has made a £21.8m offer for seafood chain Loch Fyne Restaurants (LFR).

The bid has received the backing of LFR’s independent directors and if successful, will see premium Casual Dining – created specifically fr the purpose of the offer – taking over the management of LFR.

Matthew Collins, director of Hutton Collins, said: “We signalled our interest in LFR early on in its strategic review and we are delighted to have this opportunity to be involved in the development of a high quality business.” 

The news comes after LFR announced in May that it has appointed financial advisors Noble & Co to advise upon the exit route that best benefits shareholders.

Jeremy Hardie, LFR chair, said: "This offer delivers on the promise made t shareholders five years ago to seek an exit and promises to maintain teh integrity of the LFR brand."

LFR operates 30 Loch Fyne restaurants and five Le Petit Blanc brasseries.