Robert Tchenguiz and Kaupthing Bank today made a £98.6m bid for Spanish restaurant chain La Tasca.

The 188p-a-share bid trumps the recommended offer of 185p a share made by Cafe Rouge and Bella Pasta operator Tragus Holdings, which is owned by Blackstone.

"We believe that this offer represents an excellent opportunity for La Tasca shareholders to sell their shares at an attractive cash price and we look forward to working with La Tasca management and employees in the near future,’ said Tchenguiz.

La Tasca has 58 outlets and is the largest UK group of Spanish restaurants. It operates the La Vina and Sam & Maxie's chains as well as its eponymous brand.

Tchenguiz has moved away from traditional property deals into the world of private equity through his investment vehicle TFT. He has interests in a number of companies such as Somerfield, the Laurel Pub Company, the Globe Pub Company, Retail & Licensed Properties, Menzies Hotels, Phase Eight and Whyte & Mackay.

His public equity portfolio includes major shareholdings in companies including Sainsbury’s and Mitchells & Butlers.

In the property sector he has significant minority and control positions in more than £3bn of property in the UK, including Shell-Mex House on London’s Strand, nine Welcome Break motorway service stations, as well as a number of office and industrial properties leased to BAE, BT and other well-known UK companies.

He also owns Leconfield House in Mayfair, the headquarters of R20.