Tchenguiz lines up Yates bid

PROPERTY tycoon Robert Tchenguiz is considering a move to create one of the biggest High Street bar operators in Britain by lining up a £200mbid for Yates Group.

Tchenguiz is believed to be ready to merge Yates with the Laurel Pub Company he bought at the end of last year for £151m. A combined business would have 320 outlets.

The possibility of a £200m price for Yates reflects the success chief executive Mark Jones has had in improving the fortunes of the group and boosting cashflow.

GI Partners, the US private equity group, took Yates private last year in a £160m deal. Jones and his fellow directors own an estimated 20% stake.

Tchenguiz bid for Yates last year but lost out to the Americans. His interest now could affect separate auctions in the leisure industry for SFI Group and Luminar's entertainment arm. Yates runs 157 sites, 125 of which trade as Yates's.