THE owners of La Tasca, the Bolton-based Spanish theme restaurant chain, have agreed to sell the company for £96 million.

The board has recommended an offer of 185p per share from the Tragus Group, owner of the Cafe Rouge and Bella Italia restaurant chains.

As revealed in The Bolton News last month, Tragus initially approached La Tasca in January about a possible takeover.

The share offer, which is yet to be agreed by shareholders, represents a 68 per cent increase on the value of the company since it floated on the Alternative Investment Market just over two years ago.

La Tasca, whose offices are based on Princess Street, Bolton, is the leading Spanish restaurant operator in the United Kingdom.

There are 58 La Tasca restaurants in the UK - including one in Bradshawgate - and four in the United States. It as operates eight La Vina wine bars and three Sam & Maxie's Grill and Smokehouse sites.

James Horler, Chief Executive of La Tasca, said: "Tragus is a good partner for La Tasca since the cultures of the two businesses are similar.

La Tasca has excellent concepts which can be developed and evolved and talented people who are passionate about their businesses. This is an excellent deal for all our stakeholders."

Graham Turner, Chief Executive Officer of the Tragus Group, said that the proposed sale would mean increased expansion for the company He said: "La Tasca will be an excellent addition to the Tragus Group and we are looking forward to fully integrating and developing the business further. It is our intention to continue to roll out the La Tasca brand with significant capital investment.

"La Tasca will provide a strong complement to our existing Cafe Rouge and Bella Italia brands and will provide Tragus with the number one Spanish casual dining brand in the UK."

Joseph Baratta, a Senior Managing Director of Tragus' owner, the New York-based Blackstone Group, said: "The acquisition of La Tasca will further strengthen Tragus' position as one of the UK's leading casual dining restaurant operators, with more than 240 restaurants.

"We look forward to supporting Tragus and its management team in further growing their business and building on their strong position in the UK restaurant market."

John Barnes, the Chairman of La Tasca, said:" This is an excellent deal for our shareholders, delivering an attractive price that represents a premium of 68 per cent to the issue price in just two years since La Tasca floated on AIM in 2005. It clearly demonstrates the value that can be created by an excellent team."