The 58-strong portfolio of steakhouses was acquired by a German investment vehicle headed by German Equity Partners and Parcom Ventures.

Maredo, which was founded in 1975, has been part of the Whitbread group since 1994 when the company acquired it during its European expansion.

Alan Parker, chief executive of Whitbread, said: “I announced at the business review in October 2004 that our strategy will be to exit from non-core elements of our business.

“At the time I made clear our plans to dispose of Maredo and I am delighted that we have been able to achieve this within a short timeframe.“

The current management team of the business, which employs 1,880 employees in Germany and Austria, will remain with the business after the transaction is completed.

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