Yellowhammer Bars, the company that runs outlets formerly part of Sports Cafe and Candu Entertainment, has been put up for sale with a price tag of £18m.
The 30-strong chain has been put up for sale by parent company Agilo, a London-based fund that invests in distressed companies and special situations, as it seeks to wind up its British fund.
Yellowhammer was formed in 2008 after the purchase of five Sports Café venues and 23 Candu bars and clubs.
The business is led jointly by James Spragg, the former commercial director of Novus Leisure who was recruited by Agilo to run Sports Café, and by Tim Roberts, the former chief executive of Candu.
Reports suggest that Agilo has lost the appetite for keeping Yellowhammer running. It has already shut three of the five Sports Cafe venues.