Pubs and property tycoon Robert Tchenguiz has sold his 29.7% stake in pub group Mitchells & Butlers to a mystery buyer. The disposal of the £190m stake could be announced as early as this morning. It was not clear last night whether Tchenguiz had sold the stake to a single party or a group of investors.
The sale is a rare piece of good news for beleaguered investors in Kaupthing. The troubled Icelandic bank had financed Tchenguiz’s holding, which he controlled via shares and a contract for difference.
The sale brings an end to a colourful chapter in M&B’s history. Tchenguiz acquired an 8.4% stake in the company in May 2006, shortly after the pub group rejected the entrepreneur’s £4.4bn takeover bid.