ING Barings is advising a £245m (€383m) approach for PizzaExpress from the UK restaurant chain's multi-millionaire founder, Hugh Osmond, who wants to reinvest the capital he earned from floating Punch Taverns in May.

The bank is advising a bid vehicle put together by Osmond's new investment vehicle, Sun Capital Partners, and Capricorn Ventures International (CVI), a holding company backed by the Enthoven family. PizzaExpress, advised by Credit Suisse First Boston, said it had received an approach of 330p to 350p a share, which would put its value at between £237m and £251m.