7 Robert Tchenguiz

owner, R20 (6)

Why he's on the list:

Tchenguiz's interest in the pub trade is no passing fancy. He owns a high-street operator (Laurel) and two tenanted operations (Globe and Retail & Licensed Properties).

He also holds a 15% stake in Mitchells

& Butlers (M&B) and looks set to own a good slug of its freeholds in a mooted joint venture property company. The Iranian entrepreneur loves pubs. Well, more accurately, he loves property. As sharp as sharp can get, he's spotted that pub freeholds tend to increase in value. Unlike most businesses, pubs offer the security of inherent property value.

What the past year has held:

On the back of a failed bid to buy M&B, he has been putting pressure on management to consider how to release some of the company's huge property value for the benefit of shareholders. The pressure appears to have shifted the board's thinking on this. His managed business has been boosted by the acquisition of La Tasca, a tapas restaurant chain, which will add scale to the dining side of the business. Internally, Laurel is moving to boost Slug & Lettuce to nearly 100 sites by the end of this year. The past year saw some turbulence at Laurel with the departure of one chief executive (Julian Sargeson) and the arrival of a new one (Paul Symonds). Tchenguiz also undertook an old-fashioned securitisation of his Globe business, albeit one with a few quirks. Globe has also seen heavy capital investment to reverse some volume losses.

Challenges ahead:

Tchenguiz will be preparing for the effects of the smoke ban. In Scotland, Laurel bar venues saw high single figure sales declines. In England, he will hope his management can apply lessons from Scotland to minimise the damage to the Yates chain, regarded as one of its three leading brands but still heavily wet-led.