126 ex-Tchenguiz pubs up for sale

A total of 126 high-volume, mostly freehold pubs that were formerly part of Robert Tchenguiz's pub property empire have been put on the market with Christie + Co.

The pubs were previously owned by Tchenguiz's R&L Properties group, which was placed in administration in January. The pubs have been marketed on behalf of administrators Deloitte.

Most of the venues are being sold as investments with long-term tenants in place, although a number are available with vacant possession.

Christie + Co director James Shorthouse said: "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.

"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. There are a number of development opportunities available and we have already received significant interest."

R&L Properties was once managed by Scottish & Newcastle Pub Company, before LT Management Services were appointed to manage the business in the autumn of 2010. Licensed Solutions, a temporary management firm that specialises in these situations, was also brought in to help.

Seventy six of the pubs are in Scotland, with 16 in central and eastern England, 10 in the north west, 12 in the north east, seven in the south east, three in the south east and two in Wales.

Shorthouse added: "The R&L pubs offer great growth opportunities, and the introduction of an improved drinks range by the new estate managers, Licensed Solutions London Town, is set to deliver an upturn in trade for lessees."

Neville Kahn, Philip Bowers and John Reid of Deloitte were appointed joint administrators of R&L on 11 January 2011.

Tchenguiz formed the business largely through acquisitions from Enterprise Inns and Scottish & Newcastle.