After building one of the most successful restaurant chains over the past two decades it is not surprising the former directors of Pizza Express find it hard to cut their ties completely. David Page and John Metcalf, chairman and operations director respectively of the chain, have both set up AIM cash shells to buy smaller restaurant groups ripe for expansion.

Page is looking for businesses with five or so outlets in London for Clapham House, which raised £15 million on AIM last November. So far he has acquired the Real Greek and the Bombay Bicycle Club and raised a further £7 million.

Meanwhile, as revealed in last month's Growth Company Investor, Metcalf has attracted £2.75 million for Urban Dining, which seeks private companies with 15 or more units. Its largest private shareholder is his former boss Page, who holds six per cent following the float.

Metcalf claims 'this is purely an outside investment', adding that Page will have no formal role in the company. Nevertheless, he admits the former colleagues discuss the catering industry every day and no doubt they will swap ideas as the chains grow.

As a shareholder Page will also have the opportunity to support Metcalf's first deal for Urban Dining, for which the company will need more funds. Metcalf is scouring the portfolios of venture capitalists keen to exit from restaurants they have backed. Those that would fit this bill include Loch Fyne, Ma Potter's and Henry J Beans.