Individual Restaurant Company, operator of 22 Piccolino sites and Restaurant Bar & Grill chains, has raised £4m of investment to upgrade their restaurants. The group was last year bought by new consortium W2D2, which is led by Iceland Foods founder Malcolm Walker. He stated that the new investment in the company would support its plans to upgrade and expand existing sites. A new bar and lounge has already been added to its Piccolino restaurant on London’s Heddon street. Chief executive of IRC Steven Walker was previously forced to put expansion plans on hold during the recession, however since being taken over last year the group is now valued at £24m.