Toscafund Asset Management has mounted a cash bid for Avanta Serviced Office Group, which values the company at £36m.

It is offering 110p a share through Tosca Vehicle Limited (TVL) and represents a premium of about 5.8% to yesterday’s closing price of 104p.

Toscafund owns 28.8% of Avanta and has received a letter of intent from Schroders which owns another 15.1%.