Loch Fyne Restaurants says it would continue to back Birmingham's recently relaunched Le Petit Blanc despite appointing advisers to carry out a strategic review that could lead to the group being floated or sold off. The chain said the appointment of Edinburgh-based Noble & Co aimed to assess the possibilities open to the company, and so far no decision had been made. "We have had no discussions with anyone yet," insisted chief executive Mark Derry amid speculation that Tootsies owner Urban Dining might be interested. Options for the firm, which is thought to have a pricetag of up to £40 million, include a sale, an IPO or refinancing. The review is being carried out because the company is reaching the end of the five-year period during which its 300-plus shareholders are tied in under the Government's enterprise investment scheme. Mr Derry said: "There is no time limit on the review. "We want to make sure we make the right decision for our shareholders." Loch Fyne has 24 outlets throughout the UK, as well as five Le Petit Blanc restaurants. To date it has raised £7.6 million through three separate funding rounds. Birmingham's Le Petit Blanc in Brindleyplace reopened earlier this month after a £400,000 facelift. The venue is 75 per cent owned by Loch Fyne and 25 per cent by French chef Raymond Blanc. Mr Derry has previously said he is looking to have 20 Le Petit Blanc outlets within four years. Loch Fyne, a Stock Market quoted group with a £28 million turnover, has Loch Fyne branded restaurants in Knowle and Nottingham. And Mr Derry offered reassurances over the future. He said: "We will continue both the businesses. "This issue about how the company is financed is distinct from our ability to develop them. "It is business as usual." Mr Derry said he was "very pleased" with the way the Birmingham relaunch had gone despite some air conditioning problems on the night. The most striking alteration has been the creation of a 33ft-long bar, holding more than 60 guests and serving a large selection of cocktails and a host of authentic French beers, wines and spirits. A new menu is also in operation. The new restaurant seats a maximum of 160 guests. | 
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