This will be the second time in 18 months that Bay has undergone a painful restructuring. Last year, Mr Tchenguiz put his Laurel Pub Company through a pre-pack administration, splitting the business into two — Bay and the Town & City Pub Company.

Mr Tchenguiz ceased to have any involvement in either business in March after Kaupthing called in hundreds of millions of pounds in loans to him as it sought — in vain — to avoid falling victim to Iceland’s economic crisis.

From the Times Online

PS: Robert Tchenguiz was an unusually large customer of Kaupthing. So large in fact that he was allowed to borrow the equivalent of 46% of its customers savings.

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