Laurel shows keen interest in Wizard

Laurel chief executive Ian Payne has insisted that a sale of the company is not a foregone conclusion with expansion opportunities ­ such as the acquisition of Wizard Inns, placed on the market last week ­ being explored.

Midocean Partners, which manages the Laurel investment on behalf of Deutsche Bank, is looking into the possibility of a £500m sale that could see the company split into two packages ­ high street and community ­ for ease of disposal.

However, Payne said: "We're still looking at all opportunities and we're very interested in Wizard ­ we got the information through yesterday."

Yates Group has ruled itself out of making a move on Wizard ­ on the market for about £100m. Chief executive Mark Jones said: "I think £100m is a bit toppy' for an estate of predominantly leasehold sites.

We might be interested if its 15 high street sites were available separately.

We will stick to what we know well ­ high street businesses."

Industry observers believe the 64-strong Wizard estate, with weekly takings per pub around £14,000, is the best quality managed estate to come on the market since the sale of S&N Retail.

Wizard managing director Chris Hutt has grown the estate by buying sites from Voyager and Regent Inns, but also opening sites in under-pubbed towns such as Huntingdon and St Neots, both in Cambridgeshire.

Wizard Inns is owned by Nomura but managed by Guy Hands' Terra Firma Capital Partners.

A number of approaches have already been made to buy Wizard and a deal is expected to be completed quickly.