Julian Sargeson

chief executive, Laurel Pub Company (new entry)

Robert Tchenguiz

principal, Rotch Property Group (new entry)

Chris Hutt

chairman, Laurel Pub Company (new entry)

Robert Tchenguiz is the primary agent of consolidation in the high-street bar and pub market. He now owns 320 pubs and bars thanks to the purchase of Yates and Laurel in the past six months. His high-street estate is set to expand still further.

Tchenguiz was formerly an investor in Pubmaster. His high-street activity was signalled early last year when he expressed a late interest in Yates Group as it went private with GI Partners. He lost out to Wolves & Dudley on buying Wizard Inns during the summer. He did, however, get to meet Chris Hutt and Julian Sargeson during the Wizard sale. When he acquired Laurel for £169m at the end of last year, Tchenguiz appointed Sargeson as chief executive, with Hutt as chairman.

Using Laurel as a platform, Tchenguiz can see money to be made in buying other high-street operators and chopping out costs. Competition will decrease and profits will increase. For a property investor like Tchenguiz these companies also offer valuable freeholds that can be sold and leased back to his operating company. Many seasoned commercial property investors believe the market has peaked. For Tchenguiz, unloved high-street pub assets offer property profits and very good cash flow. One rumour is that he bought Laurel with less than £10m of his own money, such is his ability to raise debt.

Tchenguiz has talked of owning 1,000 pubs. His acquisition of 365 pubs from Spirit, now owned by his Globe Pub Company vehicle, together with his high-street assets, means he is already two-thirds of the way there.