Restaurants group in bid talks

SIGNATURE Restaurants, owners of London's celebrity filled Ivy restaurant, said on Friday it had received a conditional approach that may lead to an offer being made for the company.

Shares in Signature, which also owns other top-rated London restaurants such as J Sheekey and Le Caprice as well as the Belgo moules and frites venues, were up 5 3/4p at 47 1/2p after the announcement, valuing the group around £20m.

The independent directors of the restaurant group said in a statement that it was 'too early to assess the likelihood of any offer being made'.

In March the company reported a 32% slide in first half pre-tax profits to £1.5m as tourist numbers slumped following the September 11 attacks.