The Petit Blanc chain of brasseries has spun off from its parent company Loch Fyne Restaurants and announced plans to raise £6 million.
The new management team at Petit Blanc - who are themselves investing £500,000 in the business - is looking at increasing the number of sites it operates.
It is examining affluent medium sized towns for new restaurants including in the Midlands.
The new team comprises Mark Derry, chief executive of Premium Casual Dining - the parent company of Loch Fyne - and fellow director Ian Glyn along with two-star Michelin chef Raymond Blanc.
It has been joined by John Lederer, formerly of Groupe Chez Gerard and Masala Zone, who will assume the role of managing director.
The £6 million of equity funding is intended to increase the number of Blanc Brasseries to 20 by 2009. At present the chain has five sites including locations in Birmingham and Cheltenham.
The new money will comprise £2.5 million to be offered through an enterprise investment scheme, £3 million from Core Growth Capital, and a further £0.5 million from the management team and Loch Fine Restaurants.
The four managers are each putting £50,000 into the new venture, while LFR will retain a minority stake.
In addition Blanc Brasseries will raise another £3.5 million through conventional bank debt. The spin off comes less than six months after LFR was acquired by Premium Casual Dining, a new vehicle controlled by investment company Hutton Collins, in a £31 million deal backing the incumbent management.
Mr Derry, executive director of Blanc Brasseries, said: "Blanc Brasseries needs a separate focus to realise the full potential of Raymond's original idea."
Mr Blanc opened the first le Petit Blanc in Oxford in 1996 with the aim of bringing high quality French food to a wider audience than Le Manoir aux Quat'Saison, his luxury restaurant in Great Milton Oxfordshire.
However, he was forced to call in administrators in April 2003 after opening three restaurants and accumulating £1 million in debts.
Two months later Mr Blanc joined forces with LFR to rescue the chain with a £1.125 million purchase, and it changed its emphasis to focus on a more brasserie style.
Mr Derry said: "The concept is now at a stage where we believe it represents an attractive investment opportunity."
Mr Lederer, managing director, Blanc Brasseries, said: "I'm excited to be working with the team that powered LFR to such success. The market demand for premium casual dining sits well with the Blanc Brasseries offering and we've yet to utilise Raymond's unrivalled vision and inspiration from a marketing perspective."