Hugh Osmond looks to buy firms in debt

HUGH Osmond, the entrepreneur who built up Pizza Express and Punch Taverns, is amassing a £1bn war chest to begin a spending spree on distressed companies. Sun Capital, Osmond’s private equity firm, is already in the process of raising capital for the venture, and is understood to be preparing for a stock market listing early next year. It is thought he will have raised around £500m in capital and will aim to raise another £500m for when it floats. Osmond is working on a list of potential targets that are struggling with debts and are close to breaching their lending agreements.