Tchenguiz's gloomy milestone in pub securitisation
Securitising UK pubs was de rigueur in the boom. But declining interest in oldstyle boozers has accelerated in the credit crunch. Supposedly secure cashflows are now anything but. Globe, run by tycoon Robert Tchenguiz, is the first to break covenants. It won t be the last.
This content is for Subscribers only
To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.