Motorway restaurant chain Little Chef is hoping to secure a last-ditch takeover to save it from collapse, according to media reports.
The firm, which grew with the development of Britain's motorway network in the late 1950s and 1960s, has struggled to cope with dwindling demand as motorists become less reliant on roadside restaurants for sustenance on long journeys.
Little Chef was bought by entrepreneurs Lawrence Wosskow and Simon Heath in 2005 for £52 million. It will now command less than £10 million from its rescuers, reported to be private equity firm RCapital and Israeli property firm Arazim.
An announcement is expected this afternoon from Little Chef about its future fate.
It is unclear whether any new takeover would see the closure of the restaurants in an effort to recoup value from the property on which they stand.
Over 4,000 people could be affected by job cuts if the Little Chef business folds. The chain, which has over 230 outlets in Britain's road network, became a household name thanks to its popular all-day breakfast, following the opening of its first restaurant in 1958.
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