Investcorp, the investment group at the centre of the refinancing of Welcome Break, has nearly doubled its offer to bondholders of the troubled UK motorway services in an attempt to take complete control of the group.

Distressed investor Sisu Capital, advised by Lazard, had been waiting in the wings trying to prepare an offer of its own. Sisu, led by chief executive Joy Seppala, now has just five days to match or improve on Investcorp's offer.