Robert Tchenguiz has raised his stake in pub operator Mitchells & Butlers (M&B) to 18.81%, a rise of 3% on the shares owned by his investment vehicle Violet Capital Group.

The increase comes less than a week after M&B said a proposed property joint venture with Tchenguiz’s investment vehicle R20 had to be delayed until debt markets improved.

Prospects of a joint venture for property ownership were raised on 22 May, which would have seen the sale of a 50% stake in £4.5b of property, comprising approximately 1,300 pubs and £240m in rent.

Discussions over the deal are continuing. Last year Tchenguiz failed in his attempt to buy M&B after the operators’ board rejected a cash offer to buy the company.

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By Christopher Walton

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