Two former Pizza Express directors are preparing to take ownership of small restaurant businesses through a new investment vehicle, Urban Dining. Chief executive John Metcalf and chairman Glen Tomlinson want to invest in fast-growing restaurant brands and gain market share through buying privately-owned restaurant groups with a minimum of 15 outlets, such as Wagamamma and Tootsies. The Urban Design investment vehicle will be listed on the Alternative Investment Market at the end of May and a share placement has been already completed with six institutional shareholders raising over £3 million, though more finances are required to complete a deal.