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Spirit sells 364 pubs to Tchenguiz group
Spirit Group has sold 364 pubs to Iranian property mogul Robert Tcheneguiz in a £345m deal.
The pubs were bought through a newly formed group, the Globe Pub Company (GPC), and will be operated by S&N Pub Enterprises (S&NPE), the leased pub division of Scottish Courage. The deal will take S&N’s leased pub portfolio to 1,500.
GPC is also the preferred bidder to buy Laurel Pub Company and its Hogshead-branded managed-pub portfolio in a deal rumoured to be worth around £151m.
Tchenguiz sold his 35 per cent stake in tenanted pub operator Pubmaster to Punch Taverns last year for £1.19bn while, along with his older brother Vincent, their Rotch property investment vehicle also has a stake in Regent Inns.
Spirit, the private equity-backed operator, still runs around 2,000 managed pubs and was formed in 2002 following a Punch Taverns demerger.
Chair of Scottish Courage, John Dunsmore, said: “The combination of S&NPE’s proven strength in leased pubs and Scottish Courage’s unrivalled portfolio of brands has enabled us to achieve this significant business win.” Details: www.scottish-newcastle.com
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