Laurel closes in on Wizard Inns

LAUREL, the pub company that bought out the Whitbread estate, has made it through to the second round of bidding for Wizard Inns.

Wizard, which has 64 pubs, was recently put up for sale by Guy Hands' Terra Firma Capital Partners private equity business with an estimated £100 million price tag.

Laurel is keen to add to its 175 High Street bars that include the newly revamped Hogshead chain. When its 430 local pubs were put up for sale last month, chief executive Ian Payne said: 'It is our intention to concentrate on the High Street division and take the lead in consolidation of this highly competitive arena through acquisitions.'

It faces competition for Wizard from Barracuda Group, owner of the Varsity chain of student pubs, as well as some venture capital groups.

Punch Taverns recently ruled out a bid for Wizard. But it is one of several trade buyers interested in entering the £450 million auction for Laurel's community pubs.