Robert Tchenguiz is in talks with Spirit Group to acquire another £250m package of pubs. He wants to build a large-scale pubs company following his £202m purchase of Yates Group. A Spirit deal would take the spending spree by his private equity group R20 to nearly £1bn in just six months. According to The Sunday Telegraph, Spirit's hopes of a stock market flotation were knocked when it reported what looked like a slide in profits last month. This week the company will attempt to convince City analysts that it remains a viable IPO candidate. But the paper suggests that Spirit's owners would make more money by breaking it up. The Mail on Sunday 22/05/05 (Financial Mail) page 6 The Sunday Telegraph 22/05/05 (Business) page 10