Bay Restaurant Group, the company behind the La Tasca and Ha Ha Bar and Grill chains, could be sold after receiving several expressions of interest from private equity-backed suitors, The Times has learnt.

The group, once part of Robbie Tchenguiz’s leisure empire, is likely to become more attractive to bidders after it completes a restructuring in which the Slug and Lettuce chain will transfer from Bay to Town & City Pub Company, its sister organisation.

The restructuring is understood to have been precipitated by the decision of Paul Symmonds, chief executive of Bay, to resign and explore possible acquisitions in the leisure sector. Mr Symmonds, who will be replaced by Suzanne Baker, the group’s commercial director, is believed to be talking to several private equity companies.

Bay and Town & City were once part of Mr Tchenguiz’s Laurel Pub Company, but he ceased to be involved in either in March last year after Kaupthing called in hundreds of millions of pounds in loans to him as it sought — in vain — to avoid falling victim to Iceland’s economic crisis.

After a debt-for-equity swap last year, both Bay and Town & City are now controlled by Kaupthing, which, according to insiders, is under no pressure to sell assets at distressed prices and will sell Bay only if it receives full offers. Analysts calculate that the business, which has 73 La Tasca tapas bars and 24 Ha Ha eateries, could fetch at least £100 million.

Bidders could include Blackstone Group’s Tragus restaurant business, which owns the Strada, Bella Italia and Café Rouge brands. Analysts did not rule out the possibility that Mr Symmonds could seek private equity backing to launch a buyout.

Bay is believed to have achieved flat like-for-like sales over the past few weeks of trading. A sale would not affect Town & City, where trading is believed to have been strong. After the proposed transfer of the 82 Slug and Lettuce outlets, Town & City will have a total of 230 units, many under the Yates’s brand.

None of the parties involved could be reached for comment.