The UK-based SFI Group, famed for its Slug and Lettuce bar chain, has agreed to acquire the high street chain of Parisa Café Bars at a cost of up to £15m.

SFI will acquire 28 Parisa outlets and sites for development, all of which will be converted into the group’s core brands. Re-branding the sites will to cost an average of between £50,000 and £100,000 per site, and the company expects to complete the conversions within the current financial year.

The SFI board revealed that in view of the scale of the acquisition, its planned rate of organic growth will be slowed, and eight new openings scheduled to commence from January will be postponed.

The board announced however that the acquisition of Parisa should enhance earnings.

Parisa is currently controlled by private equity firms CVC Capital and Bridgepoint Capital.