Tchenguiz: Globe rotting

Bad news has come in threes for Robert Tchenguiz. The property tycoon’s Globe Pub Company has become the first of the UK’s securitised pub groups to breach its loan covenants. This follows the near-collapse of another of his pub ventures, Laurel, and a reported £1bn loss from forced sales of a stake in a third, Mitchells & Butlers, and his interest holding in J Sainsbury, the UK grocer. As the first pub securitization to get into serious difficulty, Globe will be keenly watched. There are no pre...