Pub group Mitchells & Butlers today announced that it was in talks with Robert Tchenguiz’s R20 to enter into a 50:50 property joint venture

Tchenquiz, who owns around 15% of the group, is in advanced talks with the pub company to complete a purchase and leaseback of the pubs’ property and place the properties into a 50:50 joint venture.

Mitchells & Butlers, which owns chains such as All Bar One, Browns and Harvester, has a property portfolio worth around £5.5bn and it is thought the joint venture will contain around £4bn of its assets.

A statement from Mitchells & Butlers said: ‘We confirm that following a comprehensive review of options for freehold and long-leasehold properties, it is exploring the possibility of a 50:50 joint venture for the ownership of its property assets.’