SFI sale finally goes through
SFI Group, the pub company behind the Slug and Lettuce and Litten Tree chains, is to be wound up after agreement was finally reached on the sale of 98 of its 150 pubs to Robert Tchenguiz, the property tycoon, for about £80m. Mr Tchenguiz has bought the bars through the Laurel Pub Company, which he acquired for £151m last November. – The Times, 25 June
700 jobs at risk at unsold SFI pubs
Up to 700 jobs are in jeopardy in the remaining 52 SFI pubs not bought by the Laurel Pub Company. Ownership is in the hands of PricewaterhouseCoopers, which is acting as administrator. It is keeping the unsold pubs open as going concerns, with their existing management in charge, and is hoping to find buyers for them. – The Independent, 25 June
New bidder emerges for Spirit Group
Mitchells & Butlers is considering gatecrashing a possible £3b takeover of Spirit Group by Punch Taverns, according to banking sources. Punch is likely to confirm to the London Stock Exchange tomorrow that it has had a preliminary discussion about buying all or part of privately owned Spirit, which operates more than 2,000 pubs. Karen Jones, Spirit’s chief executive, would stand to make at least £30m from a sale of her 3% stake in the business. – Sunday Times, 26 June
Barracuda deal expected to complete this weekend
Charterhouse, the private-equity firm, is this weekend expected to complete the purchase of Barracuda Group from PPM Capital for more than £260m. - Sunday Times, 26 June
London hotel sold for £20m
Cyril Stein, former boss of Ladbrokes, has sold one of London’s most exclusive hotels, the St James’s Club, for £20m. Father and son Alan and Gary Landesberg and brothers David and Elliot Rosenberg have bought the property through Elanway, a company associated with their hotel investment business, Leverguide. – Sunday Times, 26 June