Blackstone Group stops Café Rouge IPO

Tragus was acquired by LGV in January 2005 and its sale follows the consideration of a number of strategic options available to the company with its advisors Close Brothers and Citigroup.

Adrian Johnson, chief executive of LGV said: “We fully intended to pursue an IPO of Tragus, which, with its strong brands, track record of organic growth and excellent prospects for future development, would have been an ideal IPO candidate but this transaction demonstrates the strength of the private equity sector as an asset class.”

Tragus’ chief executive, Graham Turner said: “Our core brands go from strength to strength, and we believe that our recently launched concept has much potential. We look forward to success with Blackstone.”