The odds on a takeover of the embattled restaurant owner Clapham House shortened last night after it emerged that Capricorn Ventures, a rival chain, had amassed an 11.25 per cent stake in the operator of Tootsies and the Bombay Bicycle Club. A battle for control of Clapham would reunite figures previously involved with PizzaExpress, the prominent high street pizza chain.

Capricorn, alongside its business partner TDR Capital, was a start-up investor in PizzaExpress, which has been floated on the stock market several times and been taken private by venture capital investors. David Page, the Clapham chairman, was chief executive and then chairman of PizzaExpress. With Paul Campbell, a fellow executive, he was closely associated with making a success of the pizza chain.

Capricorn’s substantial holding, disclosed after the market close, is bound to trigger speculation that the firm, which owns the Nando’s chicken outlets, is preparing to launch a full-blown offer for Clapham House.

Capricorn embarked on a share-buying spree on Tuesday, only a day after a surprise profit warning from Clapham that sent its shares falling by almost 40 per cent and sparked a huge sell-off across the retail sector. Clapham told investors late yesterday that Capricorn was directly interested in 4,198,916 shares. The shares closed ½p higher at 189½p, valuing the firm, which also operates Gourmet Burger Kitchen and The Real Greek, at only £69 million.

Capricorn’s intentions were not immediately clear, and the company could not be reached for comment. Clapham declined to comment beyond its brief disclosure of the holding. Mr Page did not return calls seeking comment. Interim profits at Clapham rose to £3.3 million for the six months to the end of September on turnover of £28.1 million.

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