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Dutch brewing giant Heineken has taken a 30% stake in the senior debt of Robert Tchenguiz's pub company Globe.
The move, which has a face value of about £60 million, means that Heineken could block any restructuring moves planned by Globe and try to prevent the entire business being put into administration.
Globe breached its banking covenants and then defaulted on its total of £275 million of loans earlier this month. The 420-strong chain is managed by Scottish & Newcastle Pub Enterprises which is now owned by Heineken after its joint £7.8 billion takeover last year of S&N with Carlsberg. The default means that if holders of 25% or more of the bonds agree they could put the business into administration.
It was far from clear why Heineken had taken such a large stake in Globe's Class A1 securitised debt.
A spokesman told the Financial Times: "It's an opportunistic purchase. Heineken will receive interest payments on the bonds it bought at a price much lower than their face value." The company declined to comment on its relationship with Tchenguiz but some experts say the brewer is keen to preserve supply contracts its has with the pub chain.
