Some 126 pubs in the administration-hit Tchenguiz brothers company, R&L Properties, have been put up for sale. The pubs being off-loaded by the company are all located in the north of the UK - 76 in Scotland, 10 in north-west England, 12 in north-east - while the remaining properties in the rest of England and Wales are being retained for the time being. Some of these properties are available on a vacant possession basis, whilst others are offered as investment opportunities, with lease or tenancy agreements in place. Read the full article for extensive details on all pubs for sale in the portfolio.
The sites are largely being marketed by Christie & Co as "investments with long-term tenants in place", although a number of vacant premises are also being sold.
Christie & Co director, James Shorthouse, said that the pubs came covered a wide variety of quality locations.
"The almost exclusively freehold R&L portfolio includes many successful, high volume outlets located across the UK, including city centre bars, community pubs and destination inns," he said. "We know these will be attractive both to PubCo investors, attracted by the geographical spread and high quality of the pubs, and to tenants looking to make the transition to owning their freehold."
The portfolio of pubs had been created through acquisitions of Enterprise Inns and Scottish & Newcastle establishments. Robert Tchenguiz had previously put his tenanted pub group Laurel into administration and sold 421 pubs to Heineken in 2009 in a 'pre-pack' deal after his Globe Pub Company went into receivership.
Robert and his brother, Vincent, were arrested last month as part of a Serious Fraud Office investigation into their involvement in the fall of Icelandic bank Kaupthing.
Download the full sales document here.
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