The man who bankrolled billions from the UK tenanted and lease pub sector has thrown his hat into the ring for S&N Retail.
City financier Guy Hands has said he will "definitely" bid for the 1,450-strong managed giant, put up for sale for about £2.5bn.
Mr Hands (pictured) signalled his intentions as his private equity firm Terra Firma attempted to buy a stake in Waste Recycling Group, the UK's largest waste disposal company.
Mr Hands, one of Britain's most celebrated dealmakers, will face stiff competition from a host of pub operators and financial buyers.
Operators Laurel Pub Company, Mitchells & Butlers, and Pubmaster have all expressed an interest, as have Punch entrepreneur Hugh Osmond and private equity firm BC Partners.
Venture capitalists such as CVC Capital Partners, Cinven and Permira are also expected to run an eye over the books of the pub estate.
A successful attempt to buy the estate, which includes brands such as Chef & Brewer and John Barras, will represent a swift return to pub management for Mr Hands. Until last year he controlled around 10 per cent of UK pubs.
Mr Hands pioneered the refinancing technique known as securitisation. He mortgaged massive pub estates, bankrolling billions of pounds on behalf of his Japanese employer Nomura.
His tenure in pub ownership came to an end with the sales last year of Inn Partnership to Pubmaster and Unique and Voyager to a consortium that included Enterprise Inns. He is thought to have personally made £50m from the three pub estates.
The deals coincided with his departure from Nomura. He left to set up Terra Firma, which Mr Hands plans to use to launch his attempt to buy S&N Retail.
Scottish & Newcastle, Britain's biggest brewer, announced the auction of its pub estate to concentrate on growing its global beer business.
It is also in the process of buying cider business Bulmers for £278m. It has extended the offer period to allow Bulmers shareholders to approve the deal by two weeks.