Robert Tchenguiz is splitting up the Laurel Pub Company after buying back nearly 300 outlets from administration, and making a capital injection of up to £60m, writes Roger Blitz. Financial Times, Daily Telegraph, The Times

The property entrepreneur wrote off 90 loss-making outlets after failing to drum up interest in them, and yesterday announced the repurchase of 132 restaurants and 161 pubs.

Laurel’s name and structure will disappear, replaced by two companies, Bay Restaurants and Town & City Pubs. The restaurant business will comprise Slug & Lettuce, Ha Ha bar & grill and La Tasca, while Yates’s will make up most of the pubs business. Ian Payne will chair both companies.