Robert Tchenguiz has hit out at “unfounded speculation” linking him with the sale of his stakes in managed pub operator Mitchells & Butlers (M&B) and J Sainsbury's.

The investor, though his investment vehicle R20, holds a 14% stake in M&B and more than 76 million shares.

Tchenguiz said: “Unfounded speculation is a disservice to other shareholders. Both companies have significant value in excess of current valuations and both have a strong future.”

He added that as a significant shareholder he and his investment vehicle R20 would continue its policy of working with the M&B board in order to realise its potential for attractive shareholder returns.

Tchenguiz was forced to abandon a £4.5b property joint venture with the operator back in September due to the current global credit crunch.

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Mitchells & Butlers confirms Tchenguiz joint venture >>

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By Christopher Walton

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