The reported move on Spirit Group by R20, Robert Tchenguiz’s bid vehicle, was described as a ‘step too far’ this morning by analyst Mark Brumby at Oriel Securities Brumby said: "We believe that, with its Laurel integration process not yet complete, R20 would be an unlikely (head-on) bidder. It might be flattering to be considered in relation to all acquisitions / breakups but any rewards need to be measured against the risk of choking to death. "We would conclude that R20, along with the rest of the industry but more perhaps than most, has an interest in the crumbs which may fall from the table." However, Brumby said, a purchase would be a move towards genuine industry consolidation as it would be if made by Punch or Mitchells & Butlers. Brumby pointed to Laurel’s expertise in the managed area, although added that the High Street was a different market place to that inwhich Spirit now operated.