Tchenguiz pub estate for sale

A portfolio of 126 pubs belonging to Tchenguiz-owned R&L Properties has been put up for sale by the administrators Deloitte.

Christie & Co is managing the sale, with the majority of sites described as “investments with long-term tenants in place”, although there are also a few vacant properties.

The majority of the pubs are located in the north of the UK with 76 in Scotland, 10 in the north west of England and 12 in the north east. However R&L also owns a number of pubs across the rest of England and Wales.

Emphasising the quality and varied locations of these pubs, James Shorthouse, director at Christie + Co, said: “The almost exclusively freehold R&L portfolio includes many successful, high volume outlets located across the UK, including city centre bars, community pubs and destination inns.

“We know these will be attractive both to PubCo investors, attracted by the geographical spread and high quality of the pubs, and to tenants looking to make the transition to owning their freehold."

Outlining the investment potential of many sites, Shorthouse explained: “The introduction of an improved drinks range by the new estate managers, LSLT, is set to deliver an upturn in trade for lessees.”

R&L Properties was placed into administration in January this year. The portfolio was largely created through acquisitions from Enterprise Inns and Scottish & Newcastle.

The company formed part of the business empire set up by Robert Tchenguiz, who was hit hard by the 2008 downturn and forced to sell his shares in companies including Sainsbury’s and the Mitchells & Butlers pub group. The same year saw Tchenguiz put his tenanted pub group Laurel into administration.

In 2009 Heineken bought 421 Tchenguiz pubs in a “pre-pack” deal when his firm Globe Pub Company went into receivership.

Robert Tchenguiz and his brother Vincent were arrested last month by the UK’s Serious Fraud Office as part of an investigation into the collapse of Icelandic bank Kaupthing.

Gabriel Savage, 05.04.2011