The mystery third bidder for the £150m Laurel Pub Company is St James's Place Capital, the majority shareholder in London's Earls Court and Olympia.
But it faces tough competition from property tycoon Robert Tchenguiz and GI Partners, which recently acquired the rival Yates Group.
Laurel, formed in 2001 in a buyout from Whitbread, runs about 180 Hogs Head and Casa bars.
But only about half are freehold, which some observers believe could put off Tchenguiz.
The Sunday Times 31/10/04 (Business) page 3
