Robert Tchenguiz’s Public Houses in Administration
A total of 207 public houses previously managed by Robert Tchenguiz have called in Deloitte administrators to find buyers of the ailing business.
Scottish & New Castle pub Company once operated the public houses on Tchenguiz’s behalf. On October 2010, LT Management Services and recovery outfit Licensed Solutions took over the management of the public houses.
Billy Buchanan will head the LT Pub Management in operating the public houses, with Licensed Solutions, while Deloitte administrators are seeking buyers.
One of Deloitte’s administrators and partner at the Reorganisation Services practice of the business advisory and accounting firm, Neville Kahn, said the public houses will still operate under normal conditions while they are currently negotiating with serious buyers.
It is believed that the tough trading conditions at present have forced the public houses to go into administration.
LT Pub Management chief executive officer Billy Buchanan and Licensed Solutions managing director Paul Whitford will join forces in running the public houses for the meantime. Kahn said both willingly accepted the task, having worked together for the last two years.
Barclays Capital is said have been lending money to operators of the public houses.