R&L Properties pubs go into administration

Deloitte, the accountancy firm, has been appointed administrator to 207 pubs previously owned by Robert Tchenguiz's R20 property group.

The pubs, all tenanted, are held by a number of companies under the R&L Properties banner and are spread across the UK, although the majority are in Scotland.

The pubs were once managed by Scottish & Newcastle Pub Company on behalf of Tchenguiz, and were then moved over to be managed on a day-to-day basis by LT Management Services and recovery outfit Licensed Solutions three months ago.

Neville Kahn, a partner in the Reorganisation Services practice at Deloitte and one of the joint administrators to the package of pubs, said the businesses will continue to trade as usual while a buyer is sought. All the pubs are said to be trading, with none closed.

The pubs will be managed in the meantime by LT Pub Management, headed by Billy Buchanan, and Licensed Solutions.

"Billy Buchanan, chief executive of LT Pub Management, and Paul Whitford, managing director of Licensed Solutions, have worked together on projects over the last two years and are pleased to successfully join up again to apply their sector knowledge and expertise to the management of these businesses," Kahn said.

The two firms will run the sites until a buyer is found or an alternate exit strategy is decided upon.

The pubs' bank is believed to be Barclays Capital, although other divisions of the bank may have been involved in lending to R&L.

The level of gearing at the company, plus the trading environment, is said to have contributed to the move into administration.