Property billionaire Robert Tchenguiz has reportedly been forced to put his 10 per cent stake in J Sainsbury up for sale.
Tchenguiz’s bank, Kaupthing – now operating under the partial control of the Icelandic Government – put his stake up for sale along with Mitchells & Butlers.
The Sainsbury’s shares have been placed at 250p a share, down from Tchenguiz’s purchase price of more than 450p a share.
Tchenguiz is understood to have today sold a 25 per cent stake in M&B for£137 million to British billionaire Joe Lewis.
Tchenguiz saw his stakes in the two companies liquidated this morning as the Icelandic Government pushed through a massive sell-off of its banks’ assets.
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