Globe Pub Company, the tenanted pub operator owned by Robert Tchenguiz, has confirmed that it has defaulted on a £257m asset-backed loan. A spokesperson for the company, however, said that its tenants would be unaffected by the default of the bond issue. The comments follow reports in the Financial Times saying that Tchenguiz could risk losing control of the business and see his investment wiped out if bondholders decided to appoint an administrator It said that the Bank of New York Mellon, the trustee for the bondholders, had started the process of identifying bondholders so that talks could take place. Globe, which owns 429 pubs, had already warned in March that it had defaulted on a key banking covenant attached to its securitisation. A Globe spokesperson said: “The event of default does not in any way affect the operating business or tenants. “Although the business is in financial difficulty, that financial difficulty does not have any impact on the operational business on tenants or customers.”