Tchenguiz buys another 80 former Laurel sites

The former owner of the defunct Laurel Pub Company, Robert Tchenguiz, has bought back another 80 sites through his newly-formed Town & City Pub Company.

Tchenguiz placed Laurel in administration back in March, but immediately re-acquired 293 sites through Town & City and another new enterprise, the Bay Restaurant Group.

By calling in the administrators, Laurel was no longer liable for a rent bill of about £8.6 million, allowing Tchenguiz to reorganise his business empire's finances.

Nobody at administrators Kroll, nor property agents Colliers CRE, would comment today, but the move boosts Town & Country's portfolio of sites to more than 240, which mostly operate under the Yates brand. Bay Restaurants operates 132 premises, including La Tasca, Slug & Lettuce and Ha Ha Bar & Canteen.

The sale to Tchenguiz's group means that of the 383 Laurel sites involved in the administration procedure, 373 are now back under the control of the property tycoon's companies. Of the remainder, JD Wetherspoon has bought five and Revolution vodka bar operator Inventive Leisure bought one.