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Type | Private |
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Industry | Hospitality |
Founded | 28 March 2008 |
Headquarters | Porter Tun House, 500 Capability Green, Luton, Bedfordshire, LU1 3LS |
Area served | UK |
Key people | Ian Payne Chairman Suzanne Baker Chief Executive |
Products | Pub and restaurant chains |
Parent | Kaupthing |
Website | Bay Restaurant Group |
Footnotes /references Sister company of the Town & City Pub Company |
The Bay Restaurant Group is a hospitality company in the United Kingdom, specialising in restaurant and pub chains.
The company originates from three former companies: Yates's, SFI Group and the Laurel Pub Company.
The group has its origins in the Laurel Pub Company, which was owned by Robert and Vincent Tchenguiz, two Iranian businessmen. It originally owned the Hogshead pub chain. In May 2004, it sold 432 neighbourhood pubs for £654m to Greene King. [1]
Robert Tchenguiz's R20 bought the company for £151m in November 2004. In June 2005, it bought the Slug and Lettuce, and Bar Med for £80m when the Surrey-based SFI Group went into administration. It also bought Yates's for £202m, with many becoming Slug and Lettuce outlets. In February 2006, it sold the Forno Vivo and Santa Fe chains.
In April 2007, it bought the La Tasca chain for £123m, but in 2011, La Tasca demerged into a standalone business under La Tasca Holdings Ltd.
On 27 March 2008, the Laurel Pub Company went into administration; this was thought to be due to high rents. R20, Robert Tchenguiz's company, with its 378 pubs, bought the company back via pre-packaged insolvency, with most of the former company becoming the Bay Restaurant Group on 28 March 2008, financed by Kaupthing bank. In a few months, many Icelandic banks such as Kaupthing would spectacularly collapse in October 2008.
In February 2009, Tchenguiz was sued by the Kampthing bank for an unpaid overdraft of £643m.HeH was relieved of his involvement with the company by the banks to which he owed debts through an offshore company called Oscatello based on the British Virgin Islands. [2] On 27 July 2009, it was bought by two banks, Commerzbank of Germany, and Kaupthing Bank of Iceland, in a move to recoup debts from him. That was done via a debt-for-equity swap, where Kaupthing became the major shareholder, and the company's debt was reduced by around £150m. [3]
In May 2010, the company was put up for sale, with Tragus Ltd. a potential buyer, for around £70m. [4] In September 2010, it sold Ha Ha Bar and Grill (22 pubs) to Mitchells & Butlers for £19.5m, which saw the disappearance of the brand, with 12 becoming All Bar One. [5]
Hogshead and Yates's are now owned by the Town & City Pub Company, which is based in the same building as the Bay Restaurant Group. This company was established on the same day Tchenguiz, and is the other part of the former Laurel Pub Company, and also owned by Kaupthing. The Town & City Pub Company bought the Slug and Lettuce chain (82 pubs) in February 2010 so it is still based in the same building.
The headquarters is situated in the south of Luton off the dual-carriageway Airport Way (A1081), close to junction 10a of the M1 and Luton Airport Parkway railway station, opposite Lower Kidney Wood near Luton Hoo.
Brains is a regional brewery based in Cardiff, Wales. It was founded in 1882 by Samuel Arthur Brain. The company controls more than 250 pubs in South Wales, Mid Wales and the West Country. The company took over Crown Buckley Brewery in Llanelli in 1997 and Hancock's Brewery in 1999. In 2000, Brains moved to the former Hancock's Brewery just south of Cardiff Central railway station. The Old Brewery, in Cardiff city centre, has been developed into a modern bar and restaurant complex.
Kaupthing Bank was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic based operations were spun into a new bank New Kaupthing, which was subsequently renamed Arion Banki. All the non-Icelandic assets and debts remained with the now defunct Kaupthing Bank. Prior to its collapse it also allegedly loaned money to various parties with the purpose of buying Kaupthing shares.
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The Icelandic financial crisis was a major economic and political event in Iceland that involved the default of all three of the country's major privately owned commercial banks in late 2008, following their difficulties in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom. Relative to the size of its economy, Iceland's systemic banking collapse was the largest experienced by any country in economic history. The crisis led to a severe economic slump in 2008–2010 and significant political unrest.
Robert Tchenguiz is a British entrepreneur, property investor, activist shareholder and securities dealer. The younger brother of Vincent Tchenguiz, he undertook a series of corporate deals, focusing particularly on property assets associated with UK pub and supermarket chains, during the 2000s. However, the value of some of his investments plunged during the financial crisis of 2007–08, exacerbated by the collapse of his major financial backer, Iceland's Kaupthing Bank. He and his brother's businesses were also the target of a UK Serious Fraud Office enquiry, and of various lawsuits.
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