Tchenguiz whips Spirit prize from Punch

Robert Tchenguiz has snapped up 364 Spirit pubs for £345m, beating off stiff opposition from pubcos including Punch - widely tipped as frontrunner in the bidding.

The millionaire property developer recently won the bidding in the £150m Laurel auction and has been on the hunt for more properties to boost his new estate.

Tchenguiz's newly formed Globe Pub Company is the vehicle behind the acquisition, with Barclays Capital putting up the majority of the money.

An agreement has been signed with Scottish & Newcastle Pub Enterprises (S&NPE) which will operate the pubs. In addition to managing the pubs, S&NPE has also secured a full beer supply agreement, adding over 100,000 barrels to its existing business with the estate. The deal also brings the number of pubs being run by S&NPE to 1,500.

Spirit's chief executive Karen Jones told The Publican the sale represented good value and was one of the final moves in consolidating the 2,100-strong Spirit estate.

Asked whether or not this sale presaged the float of Spirit she said: "We have always said that a float is one possible exit strategy for our shareholders but no decision has been taken and there is as yet no timetable."

Ms Jones continued: "There has been so much going on it will be great to focus on business as usual for a while. However, we will be looking to exciting developments within the estate in the New Year."

Mr Tchenguiz's office was unable to confirm whether Globe and the 180-strong Laurel estate would be merged or continue to be run as separate companies.

Mr Tchenguiz's investment company Rotch Property Group is very likely to go after the Regent Inns estate of which it owns a 13 per cent stake.