Robert Tchenguiz has bought back the leases on about 80 of the former Laurel pubs and bars he controversially put into administration in March.

He placed Laurel and its 383 pubs and restaurants in administration earlier this year but immediately used a move known as a 'pre-pack' to buy back 292 sites through new ventures Town & City Pub Company and Bay Restaurant Group.

The latest deal means Tchenguiz has taken back control of all but about 10 of the former Laurel sites.

The administration hit relations between the Iranian real estate millionaire and his former landlords, some of whom were left nursing heavy losses. Pre-packs are controversial because they allow companies legally to offload liabilities before buying back assets.

Daily Telegraph