The chef with no name 24 January 2020 How James Cochran lost the rights to his own name, and his triumphant comeback with Islington restaurant 12:51
In this week's issue... The chef with no name How James Cochran lost the rights to his own name, and his triumphant comeback with Islington restaurant 12:51
Read More
Search

Tchenguiz sells his 25% stake in Mitchells & Butlers

08 October 2008 by
Tchenguiz sells his 25% stake in Mitchells & Butlers

Robert Tchenguiz, Mitchells & Butlers' (M&B) largest shareholder, has sold his 25% stake in the pub group to billionaire investor Joe Lewis, according to reports this morning.

Lewis, a Bahamas-based tax exile with investments in companies including Ladbrokes and Tottenham Hotspur Football Club, is understood to have bought 105 million shares at 130p, putting his investment at £137m, reports The Times.

The move has been highlighted as latest illustration of how the financial crisis in Iceland is having far-reaching repercussions for UK companies.

Although the stake is understood to belong to Tchenguiz, the actual seller was Iceland's Kaupthing, which was holding the shares as collateral on a loan it gave to the property tycoon in July, reports the Financial Times.

Unable to repay the loan, Tchenguiz was forced to liquidate his position to raise money last night, the newspaper says.

The sale of the stake brings to an end Tchenguiz's attempts to use his holding to unlock value from M&B's underlying assets.

The group lost senior directors and £274m in a botched hedge fund for a property joint-venture proposed by Tchenguiz earlier this year.

Mark Brumby, leisure analyst at Blue Oar Securities, said: "Whilst all of the facts are as yet unclear, this looks like tremendous news.

Mitchells & Butlers chairman steps down >>

Board at Mitchells & Butlers under fire after £274m loss >>
Mitchells & Butlers considers Tchenguiz property bid >>

Punch denies £5b takeover plans for M&B >>
Pub company Mitchells & Butlers' future in the spotlight >>

By Daniel Thomas

E-mail your comments to Daniel Thomas here.

Caterersearch.com jobs
Looking for a new job? Find your next pub job here with Catererseach.com jobs

The Caterer Blog Catch up with more news and gossip on the Caterer Blog here
Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!