History Bay Restaurant Group

slug , lettuce in leeds

the group has origins in laurel pub company, owned robert , vincent tchenguiz, 2 iranian businessmen. owned hogshead pub chain. in may 2004, sold 432 neighbourhood pubs £654m greene king.

robert tchenguiz s r20 bought company £151m in november 2004. in june 2005, bought slug , lettuce, , bar med £80m when surrey-based sfi group went administration. bought yates s £202m, many becoming slug , lettuce outlets. in february 2006, sold forno vivo , santa fe chains.

in april 2007, bought la tasca chain £123m, in 2011, la tasca demerged standalone business under la tasca holdings ltd.

financial difficulties

on 27 march 2008, laurel pub company went administration; thought due high rents. r20, robert tchenguiz s company, 378 pubs, bought company via pre-packaged insolvency, of former company becoming bay restaurant group on 28 march 2008, financed kaupthing bank. in few months, many icelandic banks such kaupthing spectacularly collapse in october 2008.

in february 2009, tchenguiz sued kampthing bank unpaid overdraft of £643m.heh relieved of involvement company banks owed debts through offshore company called oscatello based on british virgin islands. on 27 july 2009, bought 2 banks, commerzbank of germany, , kaupthing bank of iceland, in move recoup debts him. done via debt-for-equity swap, kaupthing became major shareholder, , company s debt reduced around £150m.

in may 2010, company put sale, tragus ltd. potential buyer, around £70m. in september 2010, sold ha ha bar , grill (22 pubs) mitchells & butlers £19.5m, saw disappearance of brand, 12 becoming bar one.

hogshead , yates s owned town & city pub company, based in same building bay restaurant group. company established on same day tchenguiz, , other part of former laurel pub company, , owned kaupthing. town & city pub company bought slug , lettuce chain (82 pubs) in february 2010 still based in same building.