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’The (Tchenguiz) party must go on…
At Vincent Tchenguiz’s Cannes party on Thursday night, sans Vincent Tchenguiz:
Related link:
Tchenguiz party goes on in Cannes without host - Dan Thomas, FT
‘Robert Tchenguiz knows a good deal when he sees one’
From page 75 of the Kaupthing annual report, 2006:
Robert Tchenguiz knows a good deal when he sees one. In fact, it is precisely this business acumen that enabled him to grow an enterprise,
What’s going on at the Tchenguiz bros’ offices? [updated]
Curzon Street in London’s Mayfair, Wednesday morning:
Update: And the Serious Fraud Office’s statement.
First Harrods, then Sainsbury? (updated)
Here’s an interesting snippet from Thursday’s annual results statement from J Sainsbury, the UK’s third-biggest food retailer:
At 20 March 2010, the value of our freehold property estate was estimated at £9.8 billion.
Globe pub group on brink
Globe Pub Company, the ailing pub operator owned by property entrepreneur Robert Tchenguiz, was on the brink of administrative receivership on Wednesday night. The Bank of New York Mellon, which became the trustee to Globe’s bondholders after the group defaulted on a £257m asset-backed loan in April,
Drink and financial wizardry don’t mix
Further evidence, as if any were needed.
From Thursday’s half year results statement from Mitchells & Butlers, owner of the All Bar One and Harvester chains:
Since the half year end the long term interest rate swap held against the medium term borrowings has been settled at a net cash cost of £69m post tax.
Heineken mops up Globe debt
Heineken, the Dutch brewing group, has bought up 30% of the senior debt in Globe Pub Company, the struggling pub operator owned by UK invesetor Robert Tchenguiz, at a sizeable discount. The surprise purchase – announced at the weekend – sees Heineken acquire £60.2m of Globe’s Class A1 securitised debt at an undisclosed discount.
Tchenguiz pub group defaults on loan
Globe Pub Company, the struggling operator owned by Robert Tchenguiz, is facing an uncertain future after the company defaulted on a £257m asset-backed loan. The default comes after the company, which owns more than 400 pubs,
Kaupthing UK unit placed in administration
Part of Icelandic bank Kaupthing’s UK operations were placed in administration on Wednesday as the last big Icelandic bank teetered on the verge of collapse, forcing clients such as financier Robert Tchenguiz to sell positions.
UK’s Tchenguiz loses £1bn on stake sale
Robert Tchenguiz, the UK-based property entrepreneur, lost £1bn in just 24 hours after being forced to offload his stakes in J Sainsbury and Mitchells & Butlers as the fallout of the Icelandic banking crisis hit corporate UK.
UK’s Tchenguiz hit by Iceland woes
UK-based property tycoon Robert Tchenguiz has sold his 25% stake in UK pub group Mitchells & Butlers, illustrating how the financial crisis in Iceland is hitting UK companies. Some 101m shares in the group changed hands on Tuesday night after the formal close of business in London at 130p apiece,
The Tchenguiz positions are being liquidated
Who said this emergency was just about banks?
Pubs appeared to be have been forced into the toxic mix on Tuesday night as a huge line of Mitchells & Butlers was suddenly on the move. Some 90m shares in the All Bar One operator changed hands after the formal close of business in London at 130p apiece.
UK’s Tchenguiz buys back leases
Robert Tchenguiz has bought back the leases on about 80 of the former Laurel pubs and bars he controversially put into administration in March, reports the Daily Telegraph. The Iranian property tycoon placed Laurel and its 383 pubs and restaurants in administration earlier this year but immediately used a move known as a “pre-pack”
Tchenguiz takes on M&B short-sellers
Property tycoon Robert Tchenguiz on Thursday moved against short-sellers in UK pub group Mitchells & Butlers, converting a derivatives holding of almost 26% into shares in order to stop it being lent to those betting on price falls.
Mr T turns to Whitbread
What is Robert Tchenguiz up to? One minute everyone is muttering about his solvency and he’s been kicked out of the Sunday Times’ Guess Rich List. The next he turns up on the register of Whitbread (through contracts for difference) with a stake of 3 per cent – encouraging everyone to believe there is somehow a break-up bid in the offering.
M&B heads for Punch-Tchenguiz battle
The future of UK pub group Mitchells & Butlers could be come down to a bid battle between Punch Taverns and a private equity group backed by Robert Tchenguiz, with the UK property entrepreneur preparing to take his stake in M&B to 29.9%.
M&B surges on bid interest
UK pub group Mitchells & Butlers revealed Wednesday it had received approaches from “a number of parties” after it announced a strategic review in light of its £391m pre-tax loss from a closed hedging position.
M&B capitulates, but Tchenguiz somehow fights on
On Monday UK property investor Robert Tchenguiz upped his stake in Mitchells & Butlers by 3 per cent to 22 per cent, spending about £46m in the process. On Tuesday the pubs operator revealed a highly embarrassing £274m post-tax loss related to the closing out of hedges put in place as part of an abortive JV last summer with the very same property entrepreneur.
Mitchells & Butler comes round to Plan B
Having seen its earlier attempts at unlocking the supposedly hidden value in its property portfolio well and truly crunched in the summer, pub operator Mitchells & Butlers on Thursday confirmed it is looking at Plan B – use a real estate investment trust.
…And banks nix M&B-Tchenguiz deal
The volatility in the credit markets claimed another victim on Thursday, as UK group Mitchells & Butlers was forced to shelve a £4.5bn pub joint venture with Robert Tchenguiz, the property billionaire.
An unlikely alliance: Tchenguiz rejects Delta price for Sainsbury
Having laid to rest those nasty rumours of an association with former Tory MP David Mellor, Delta Two has another problem.
This one’s in the form of Robert Tchenguiz. The property entrepreneur, who owns 10 per cent of the stock through shares and derivatives,
Delta Two in £12bn move on Sainsbury
Delta Two, the Qatari investment group, has made a 610p a share offer for J Sainsbury, valuing the UK retailer at £12bn, just three months after the UK retailer rejected a high-profile offer from CVC Capital Partners,
Tchenguiz doubles stake in Sainsbury
Property entrepreneur Robert Tchenguiz has doubled his stake in J Sainsbury to £1bn, fuelling speculation of a fresh takeover approach for the supermarket giant, reports The Daily Telegraph. He is understood to have lifted his holding from 5 per cent to 11 per cent amid speculation that Delta Two,
Sainsbury plays down Delta factor
Justin King, chief executive of J Sainsbury, has indicated that he has not come under pressure from Delta 2, the Qatar-backed investment group, to initiate a radical overhaul of the supermarket chain’s property portfolio,
Sainsbury pressured on property assets
J Sainsbury, the supermarket group that last week found itself 25 per cent owned by a Qatari investment group, is expected to come under renewed pressure to defend its property-holding strategy as it issues a trading update on Wednesday that is expected to show the group heading for a 10th consecutive quarter of sales growth.
M&B confirms Tchenguiz talks
Mitchells & Butlers, the pub and restaurant group, could return up to £1bn to shareholders from a refinancing of its pub portfolio. The group, which owns All Bar One pubs, Harvester restaurants and Hollywood Bowl bowling alleys,
M&B in talks with Tchenguiz over properties
Mitchells & Butlers is in discussions with Robert Tchenguiz, the property investor, over a joint venture for its property assets, valuing them at £4.5bn, after coming under pressure to unlock the worth of its holdings.