Property mogul seals £150m Laurel pubs deal

Property tycoon Robert Tchenguiz has been confirmed as the buyer of high-street pub operator Laurel.

His company today paid £151m to buy Laurel from Morgan Grenfell Private Equity, the pub group's venture capital backer.

Laurel's portfolio comprises 160 pubs and bars with brand names including Hogs Head and Casa.

Julian Sargeson, formerly chief operating officer of Wizard Inns, has been appointed chief executive of Laurel.

Chris Hutt, the former chief executive of Wizard Inns, has been appointed chairman.

Tchenguiz said in a statement: "Laurel Pub Company has very strong freehold asset backing, combined with strong cashflow and operating performance."

Last month Tchenguiz was named as preferred bidder for the Laurel estate. He is also thought to be eyeing Regent Inns.

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