Two companies to emerge from Laurel

Industry rumours suggest that two companies may emerge from the pending administration of Laurel Pub Company.

Premises licences at wet-led sites such as Litten Tree, Yates and Hog's Head are being transferred to a new company - High Street Pub Company.

This new company is believed to be a subsidiary of Laurel.

Companies House records show that it is based at Laurel's Porter Tun House headquarters and that it was incorporated in July 2004 and has been dormant since.

It is understood that licences of foodier parts of the business such as La Tasca and Slug & Lettuce are likely to be transferred to a second new company.

Managers at a number of Laurel venues were informed today that their premises licences have been transferred to a new Laurel subsidiary.

Managers were also asked to bank all cash on their premises apart from a float with Barclays before 10am today.

Laurel owner Robert Tchenguiz is hoping to leave around 90 loss-making sites in administration.

The move towards administration comes after Laurel closed another 60 sites over the weekend after closing 29 other venues earlier.

These sites have a weekly rent roll of around £160,000 per week.

The timing of the latest closures will have allowed sites to trade over the Easter weekend.

The sub-division of Laurel's on-going estate would allow owner Robert Tchenguiz and the management team to prepare the food-driven part for a possible flotation or sale at some point in the next few years.

It is thought that High Street Pub Company will run just over 100 sites, while the larger part of the Laurel estate moves into the foodier new company.

Laurel Pub Company declined to comment.