In 2002/2003 the Compass Group (the world's largest catering company), sold Travelodge and Little Chef to the private equity group Permira for about £710mllion.
Permira then sold the name and 235 Little Chef restaurants to the "People’s Restaurant Group" in late 2005 for £52million. Permira sold Travelodge to Dubai International Capital in August 2006.
Little Chef was put into administration last year, the administrators are PricewaterhouseCoopers. PWC supposedly sold Little Chef on to another private equity group (RCapital) for £10million in January 2007.
There is a good article on the failure of Little Chef
here
The phrase used to describe what happened to Little Chef is "asset stripping". A bunch of "entrepreneurs" identifies a struggling company with something of value - in this case land. They buy up said struggling company, get rid of the (usually lousy and complacent) management, as many staff members as they can, strip out the assets, borrow heavily and invest in window dressing before selling on a time-bomb to some suckers.
Capitalism - ya gotta love it!