Thursday, October 9, 2008

Have it!

Tchenguiz loses £1bn in 24 hours in stakes sell-off

Robert Tchenguiz, the property entrepreneur, lost £1bn in just 24 hours after being forced to offload his stakes in J Sainsbury and Mitchells & Butlers as the fallout of the Icelandic banking crisis hit corporate UK. Mr Tchenguiz lost up to £600m on the sale of a 10 per cent holding in Britain’s third-biggest supermarket chain and about another £400m on his exit from the pub company, making the entrepreneur one of the biggest individual casualties of the credit crunch in the UK. He was said to be taking a philosophical approach to his losses. “Life goes on,” said one person close to his group on Wednesday.

Posted by lvmreader @ 02:01 AM (481 views)
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2 thoughts on “Have it!

  • Brought a good company in Mitchells and Butlers to its knees, with a ludicrous attempt to sell and lease back pub properties.

    At least they should now be in a position to recover bringing a sense of justice, though it is remarkable how one individual can threaten the jobs of thousands of employees through their own self-interest.

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  • mwaha

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