“We are more ambitious than ever and we see Fortress as being an ideal partner to help us take Loungers into the next phase of its growth journey,” Mr Reilly said.

The deal values the entire share capital of Loungers at about £338.3m, the firms said.

Fortress says it thinks Loungers has a “strong and differentiated position”, having grown its locations and sales in recent years “in spite of the recent challenges faced by the wider hospitality sector”.

Fortress also acquired Curzon cinemas in the UK earlier this month for an undisclosed sum.

The group’s managing director, Domnall Tait, said: “This growth, and management’s continued commitment to the business, give us confidence in the company’s growth potential and in the opportunity to increase value.”

Loungers needs the approval of its shareholders for the acquisition to go ahead.