Pizza chief in bid for Ivy

The Ivy and Le Caprice, two of London's most famous restaurants, are set to change hands in a takeover of their parent company led by Pizza Express entrepreneur Luke Johnson.

With two other managers at the group, he today announced plans to buy Signature Restaurants for £24.7 million to get full control of the Belgos beer and mussels chain, Strada Italian diners and J Sheekey, plus the two flagship restaurants.

While The Ivy and Le Caprice still have huge pulling power, Signature's cheaper chains have suffered badly.

Its share price has fallen nearly 43 per cent in the past year and the group, of which Mr Johnson, 42, is chairman, recently sold seven restaurants.

But although Signature directors have accepted the offer, Giuliono Lotto, owner of L'Aubergine and L'Oranger, is still tipped by some to make a bid.