Run by Ian Payne, the publicans' publican, the Laurel Pub Company was outgunned at the eleventh hour in the tussle for S&N's 1,400 pubs by a resurgent Spirit. Unless Laurel can pull off another deal, pronto, the City expects Morgan Grenfell Private Equity, Laurel's owners, to hoist a "for sale" sign with most fingers pointing at Mitchells & Butlers as the most likely acquirer. Meanwhile Spirit Group is likely to sell on about 300 managed pubs from the S&N Retail estate as well as perhaps 200 from its own bottom-end.
