Laurel Pub Company is considering putting 50-100 of its pubs into a “pre-packaged administration” to facilitate a refinancing of the rest of the pub and restaurant company.
The properties would be all loss-making leasehold pubs and bars in high street locations. A small number have been closed for a year. Selling the pubs is also an option owner Robert Tchenguiz is looking at.
Tchenguiz is nursing big losses from his involvement in Mitchells & Butlers (M&B). Blackstone and CVC are rumoured to be preparing a bid for M&B to rival Punch Tavern’s own merger proposal. Roger Carr, who presided over the M&B property debacle, as chairman of the group, has been appointed chairman of Cadbury Schweppes.
19/02/08 Times 38, 39
Daily Telegraph B2
Guardian 28
Independent 40
