Alan Yau, one of London's top restauranteurs, has sold his two Michelin-starred Chinese restaurants for $60m (£30.5m) to funds owned by Abu Dhabi.

The Times reported today that Yau, who founded the Wagamama Japanese food chain, sold Hakkasan and Yauatcha to Tasameem, an arm of the Abu Dhabi Investment Authority.

It is understood that Mr Yau will keep a minority stake in the business and that he decided to sell to raise funds to expand the restaurants overseas, starting with leading cities in Europe and the US.

Tasameem owns several hotel chains, but this is the first time that it has moved into the London restaurant scene.