Tchenguiz to sell M&B stake?
Tycoon Robert Tchenguiz is in talks to sell some or all his 23% stake in pub group Mitchells & Butlers.
According to a report in today's Daily Telegraph representatives of R20, Tchenguiz's investment vehicle, have held talks with hedge fund Trafalgar Asset Managers in which they discussed the possibility of the deal and the current dynamics of the pub sector.
Tchenguiz's pub investments have had a difficult year. M&B lost senior directors and £274m in a botched hedge fund for a property joint-venture proposed by Tchenguiz.
The losses resulted in M&B becoming a target for Punch Taverns and has led the firm to defend itself with a counter-offer for Punch's managed arm, Spirit.
Separately, the R20-owned Laurel Pub Company was rescued from administration last month after two new businesses were formed to buy its profitable pubs and restaurants.
Tchenguiz's Globe Pub Company was forced to sell 17 sites in January after sales fell.
Board at Mitchells & Butlers under fire after £274m loss >>
Mitchells & Butlers has ‘less than 50%' chance of acquiring Punch >>
Laurel rescued from administration >>
Globe Pub Company to sell 17 sites >>
By Christopher Walton
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