After months of searching for a new owner, Le Figaro has been bought by its award-winning chef, Paul (Frenchie) Duclos for an undisclosed sum.

Mr. Duclos, who has worked as a chef at the well-known eatery for five years since it opened, tried to buy the Reid Street French restaurant when it was put up for sale several months ago, but had his initial offers turned down by the owners.

And while the management of the famous restaurant was in turmoil over the sale - allegedly with mounting debts - Mr. Duclos left his post at Le Figaro to manage and revitalise the Land Fall Restaurant in Hamilton Parish.

But days after he had just moved to the Hamilton Parish restaurant, he got a call from the owners offering him the chance to buy the restaurant at a reduced rate.

"I am delighted," he said yesterday as he sorted out the new keys to the premises. "It is about time. The price was right and I went for it. It is every chef's dream to one day own your own restaurant. Le Figaro is a great restaurant and it is what I wanted to do."

Mr. Duclos would not discuss under what terms he bought up Le Figaro, but it is believed the owners were offering it for very little as the business comes with debt allegedly from a failed wine shop venture linked to Le Figaro.

"I will say that I paid less than the last offer," he said. "I cannot say any more than that."

When he announced his move to Land Fall, Mr. Duclos, said he was moving after rumours of management troubles at the French restaurant. Mr. Duclos would not be drawn on what the troubles were.

The French chef, who is married to a Bermudian, said last month as he announced his departure from Le Figaro: "I moved because of the rumours - before they come true. I want to keep a clean slate."

Mr. Duclos first came to Bermuda in 1985 to visit family. "I fell in love and I just did not want to go back to New York."

Five years ago he went to work at Le Figaro, and his French dishes have been pulling in a steady and loyal stream of guests.

Mr. Duclos said he will not make any radical alterations to his restaurant, but said he will be adding more daily specials on the black board and is looking into moving the bar and creating a lounge area for waiting guests and after dinner coffee.

"I will keep it a bistro, and make it as French as possible. I may bring in some entertainment - have some Latino nights and bring in a French singer once in a while.

"I am going to change the menu to make it lighter, with less cream. But we will still offer the traditional French classics like onion soup and coq au vin."

He will also keep on the wine favourites but will be adding new wines to go with his new menu.

He added that he was not leaving the Land Fall restaurant in the lurch, and has been helping out there and offered his services to the owner and staff at the Hamilton Parish restaurant.

He will also help interview prospective new managers for the restaurant. "It is in a good spot and is in a nice setting. It should do well. I will carry on in a consulting basis until they have a new manager."

But he will not keep on helping for ever as he wants to concentrate on his own venture.

"I am so proud. It is a dream come true."