Robert Tchenguiz, the property tycoon, has bought 364 pubs from Spirit Group for £345m. Tchenguiz is thought to have been in competition with Punch Taverns for the properties, which he bought through the Globe Pub Company, part of his R20 investment vehicle. Debt was provided by Barclays Capital. The news came the month after Tchenguiz was named preferred bidder for the Laurel Pub Company. Scottish & Newcastle Pub Enterprises will manage the sites under the deal, which is expected to complete on Sunday. Martyn Gray at SNPE said: "We see this as the model for our business, we don't necessarily need to buy assets in order to grow." The businesses will be run initially as managed houses then transferred to lease. Karen Jones, Spirit’s chief executive, said: "We are delighted to have agreed the sale and think that the high level of interest reflects the quality of these pubs. We have brought this transaction to a swift and successful conclusion at the price we had expected. "One of our main priorities during this process was supporting our pub managers and teams, which we have made every effort to do. We wish them all the very best with SNPE." As part of the agreement Scottish Courage supply beer for the 364 pubs. The new distribution will add around 100,000 incremental barrels as well as securing an existing 30,000 barrels for its brands. John Dunsmore, the chairman of Scottish Courage said: "The combination of S&NPE's proven strength in leased pubs and Scottish Courage's unrivalled portfolio of brands has enabled us to achieve this significant business win."