Administrators start marketing ex-Laurel pubs

Kroll, the administrators of the 90-site rump of the old Laurel Pub Company, has appointed property agents Colliers CRE to market the sites to prospective tenants.

In a statement a Kroll spokesperson said: "90 sites, all of which had been closed prior to the appointment of the Administrators, did not transfer to the purchasers (Bay Restaurant Group Limited and Town & City Pub Company Limited).

"These sites are now under the control of the Administrators and we have appointed property agents to market the sites on our behalf.

"We are hopeful of attracting interest for these licensed premises and details will be provided as significant developments occur."

Laurel was put into administration last month by the group's owner, property tycoon Robert Tchenguiz, after it failed to secure a refinancing deal.

Among the estate's assets were the 90 closed and loss-making bars and restaurants, including dozens of Yates's and Hogshead venues.

In a highly controversial move two new Tchenguiz-backed companies, the Bay Restaurant Group and Town & City Pub Group, immediately re-acquired 293 profitable venues out of administration.

Around 800 jobs from the 950 jobs connected with the closed sites were lost, but the administration move meant R20 did not have to meet an annual rent bill of around £8.6m.

The spokesperson declined to comment on industry speculation that up to 30 sites might eventually revert to hotel and pub/restaurant giant Whitbread.

Whitbread is believed to be the head lessor for a number of the venues under the control of Kroll.