The Laurel Pub company yesterday (15 December) transferred its ownership to Laurel Pub Bidco – a new business set up by Robert Tchenguiz through his R20 invstment company – for £151m.

The 160-strong estate – which includes the Hogshead and Casa brands – will now be lead by chief executive officer Julian Sargeson and non-executive chair Chris Hutt, who previously worked together at Wizard Inns.

“It is our intention to continue to build on the strengths of the Laurel operation,” said Sargeson. “The quality of the businesses we have bought and the prime locations in which they are situated, coupled with the calibre of the people, confirms my belief that we will be the premier operator on the high street.”

The sale to Laurel Pub Bidco was overseen by outgoing CEO Ian Payne, who stepped down yesterday.