Robert Tchenguiz is close to tying up a £4.5bn property joint venture with pub operator Mitchells & Butlers. The Times

The deal is expected to allow M&B, which owns All Bar One and Harvester, to return up to £1bn to shareholders.

Tchenguiz, who has a 14% stake in M&B, place more than 1,500 M&B pubs and restaurants into a 50:50 joint venture with his R20 investment vehicle.

The yield on the property yield is likely to be at the higher end of expectations, at 5.5%.