Tycoon Tchenguiz buys back Laurel leases

14th August 2008, 9:12am

Property tycoon Robert Tchenguiz has secured the leases on around 80 former Laurel pubs and bars despite putting the company into administration just six months.

The Telegraph reports how Laurel and their 383 pubs were put into administration and how Tchenguiz used a 'pre-pack' policy to buy back 292 properties through his two new ventures.

It is estimated there are only 10 sites Tchenguiz does not now own.

Analysts are predicting that Tchenguiz will float the company on the stock market when the market is ready.

Back in March Tim Martin, JD Wetherspoon boss famously told how he believed it would take a mad person to buy the whole Laurel portfolio: "If the whole lot came up for sale there are a few sites we would look at, but we would send the men in white coats around for anyone that wanted to buy the whole lot."

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