Restaurant chain Bank, which has an outlet in Brindleyplace, is poised to launch an acquisitive spree spearheaded by a new executive chairman.
Robert Breare, the head of branded restaurant and bar businesses Noble House Leisure, joined the firm yesterday.
The company said it was in the advanced stages of negotiations over the first of its acquisition within the new strategy.
It previously announced that it was investigating a number of strategic transactions with other small restaurant groups, including the possibility of a merger.
Yesterday it said it is no longer pursuing a possible merger transaction.,
It said: "Robert Breare is joining to spearhead a new strategy to grow the company by acquisition in the restaurant sector.
"This new chapter for the company will see it act as a consolidator in this highly fragmented area."
Bank added that it was seeking to gain critical mass, improve margins, as well as spread the risk across size, location, style and brand of business.
It added: "In particular the new board believes that it can leverage considerable growth as a consolidator from a comparatively fixed central cost base, while at the same time maintaining first class support services."
Before joining Bank, Mr Breare built up and sold a number of groups in the hospitality and leisure sector, which included substantial food and beverage operations, notably Arcadian International.
He oversaw the growth of the company from an initial market capitalisation of £4.5 million in 1990 to be taken over for £92 million in 1998.
Bank also announced the appointment of Des Gunewardena, the chief executive of Conran Holdings, as a non-executive director.
Mr Breare said: "I am delighted to join the company and to lead the team in launching this new strategy.
"I believe that there are many excellent opportunities in the restaurant sector and that Bank is in an exciting position to exploit these," he added.