Laurel denies pubs sell-off deal is close

Laurel Pub Company, the managed pub operator owned by Robert Tchenguiz, has confirmed it has been talking to a large number of companies about a possible sale of sites.

But executive chairman Ian Payne has insisted "no deal is imminent".

Laurel Pub Company runs around 400 pubs, including the Slug & Lettuce chain and Yates. It placed around 50 venues on the market at the start of the year.

This sale would leave the firm with around 350 outlets.

It had been suggested Laurel was talking to rival companies about selling a further 150 sites which would see it downsize to around 200 venues.

Payne said: "We talk to all sorts of people all of the time. But no deal is immi-nent and we're not looking to sell the high-street part of the business."​

Payne stressed key personnel, including himself and deal-maker Aaron Brown, were on holiday, which was an indication that no corporate activity was likely for now.

He said: "Robbie (Tchenguiz) is on a yacht, Aaron (Brown) is in Denver, Colorado, and I'm in Wales. We're nowhere near doing a deal."​

A possible sale of more sites will increase speculation about how Laurel is faring.

Payne has confirmed previously that the firm is having a tough time at its circuit venues, where like-for-like sales are thought to be negative.

One industry source said: "It may be Laurel would like to focus on growth brands such as Ha!Ha! Bar & Canteen and Slug & Lettuce. ​

"It might also be Tchenguiz is keen to tidy up Laurel before launching a new bid for M&B."