Slug and Lettuce group to be handed to administrators

Nearly 100 Laurel Pub Company pubs which are running at a loss could be
handed to administrators Kroll.

Kroll, which is on standby to handle the pre-packaged administration and
finding of buyers for the pubs which have ceased trading, is expected to be
appointed at the end of the month.

Robert Tchenguiz, the magnate behind the Laurel Pub Company, plans to buy
back the businesses without the loss-making sites, the Times reported.

The chain comprising 460 outlets, which include high street brands such as
the Slug and Lettuce, La Tasca, Yates’s and Litten Tree, saw trade decline
following the smoking ban.

Plans to refinance last year were hampered by the debt market crises, as
bankers Kaupthing and Dresdner Kleinwort would not refinance the £164m debt
unless the group shed the outlets which were running at a loss.

Further reading:

Pub Company to call in administrators

HCW defends bar audit

Administration for Slug and Lettuce operator

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