Matthew Oakeshott, the Liberal Democrat peer who quit the party last week after a failed plot to oust Nick Clegg as leader, has drowned his sorrows by buying fifteen pubs.
The deal for Oakeshott, a close friend of Vince Cable, came just before the business secretary unveiled new plans to help landlords "tied" to large pub companies, saying they will now be protected from unfair treatment.
Oakeshott made the purchase on Monday through his firm OLIM Property for £28.3 million on behalf of pension fund and investment trust clients, with the freehold pubs producing a total rent of £1.8 million a year, according to Estates Gazette.
“This is our kind of deal," he said. "We were offered it direct with the full facts at a realistic price by a committed seller for an immediate decision. We said yes in a day, and got our skates on from London to Cheltenham and Poole to Perth with our team of advisers to get it done in 10.”
The range includes six branches of Slug & Lettuce, four Yate's, and five unbranded pubs, marking the latest deal for the peer who runs a multi-million property empire worth more than £28 million.
The new pubs will be the latest additions for Oakeshott's portfolio, which include The Town of Ramsgate, in Wapping, east London, the Bishops' Finger in Canterbury, the Cask and Glass near Buckingham Palace, and the Prince of Wales Pub, in Kennington, south London.
Oakeshott was forced to leave the Liberal Democrats after it emerged that he had spent over £20,000 on commissioning a series of polls suggesting that Clegg would lose his seat at next year's general election, and that Lib Dem MPs could be more likely to survive with someone else as leader.
Vince Cable distanced himself from Oakeshott's "totally inexcusable" actions amid suggestions he was pulling the strings in an attempt to secure the leadership for himself.
"I have made it very clear repeatedly that he does not speak or act for me," the Liberal Democrat business secretary said. "Commissioning and publishing polls without the consent of the Member of Parliament, as in the case of Sheffield Hallam, is utterly reprehensible."
Lib Dem Leadership
Vince Cable - Business Secretary(01 of06)
Open Image ModalTim Farron - Party President(02 of06)
Open Image ModalTim Farron, the current party president, is probably the frontrunner for the job should Clegg if the party finds itself out of power after 2015.The 43-year-old Westmorland and Lonsdale MP is a favourite with the grassroots and a crowd pleaser at party conferences with his easy going humour. Farron has also remained untainted by coalition having stayed out of the government with a licence to bash the Tories as much and as hard as he wants. However their experience in government is now one of the Lib Dem's key selling points and Farron's lack of ministerial experience could count against him with party members proud of their time in power. Picking Farron as leader would be a clear signal the party wished to forget that it had been in government with the Conservatives for five years. (credit:Getty Images)
Ed Davey - Energy Secretary(03 of06)
Open Image ModalEd Davey, the current energy secretary, is seen as a likely candidate should there be a vacancy. The 48-year-old presents himself as a serious man and has largely flown below the radar compared to Cable and Farron. But he has launched outspoken attacks on the Tories for their failings on the Green agenda. The Kingston and Surbiton would be seen as a continuation of the Liberal Democrats brand built by Clegg, for good or ill.Unfortunately for Davey, should Clegg quit or be ousted it could be difficult for Davey to present himself as a new, or particularly exciting, face for the party licking its wounds out of power. And being seen as too close to the Tories in coalition would unlikely endear him to the Labour leadership should the party try and form an alliance with Miliband after 2015. (credit:PA)
Jo Swinson - Business Minister(04 of06)
Open Image ModalWith only seven female MPs the Lib Dems have a 'women problem' that arguably runs deeper than the Conservative Party's troubles - Swinson could be the answer to that. If Clegg steps down the 34-year-old business minister will be able to point to experience of government while at the same time presenting a fresh, and young, face to the party and the country. As a Scottish MP, Swinson would also be the only Scottish party leader in Westminster in a post-independence referendum Britain.However just like Cable, Swinson's age may count against her in reverse - in 2015 she will be only be 35 years old. There is also the small problem of the general election itself. At 2,184, her majority in East Dunbartonshire is not exactly impossible to overturn by her Labour challenger. And of course if Scotland votes to become independent in 2014, it would be politically impossible to stand for the leadership of a UK party. (credit:PA)
Danny Alexander - Chief Secretary To The Treasury(05 of06)
Open Image ModalAlistair Carmichael - Scotland Secretary (06 of06)
Open Image ModalThe dark horse of the race could be Scottish secretary Alistair Carmichael. The 48-year-old straddles the right and the left of the party and could hope to win support from both sides. As a Scot he would have the same advantage as Swinson and Alexander, but if Scotland votes to stay in the union the Orkney and Shetland MP would be able to claim a sizeable portion of the credit personally. Carmichael would be able to point to his experience in government, but at the same time he is not widely seen, for some reason, as being tainted by coalition in the same way some other Lib Dem ministers are. And as a former Lib Dem chief whip - he will know where the bodies are buried. (credit:PA)
Meanwhile, Cable and Clegg today unveiled plans to tackle complaints about landlords "tied" to large pub companies, saying they will now be protected from unfair treatment.
Under the new code, the government said pub landlords would benefit from fairer rent assessments and all tied tenants would get additional protections and rights.
Cable said: "Local pubs and their owners play a vital part in vibrant local communities right across the country, as well as making an important contribution to the economy.
"Far too many landlords feel their income is squeezed by big pub companies. So today we are taking action to make sure they get a fairer deal.
"The introduction of a statutory code will make sure that tied tenants get an accurate assessment of how better off they could be and the new independent adjudicator would make sure pubs companies are forced to act to redress the situation if they aren't behaving responsibly."
Clegg added: "British Pubs are often the centre of our community, a place where we meet friends, watch sport and enjoy a Sunday roast - they are a national treasure and the envy of the world.
"They also contribute billions to our economy every year. But, for too long, landlords who are tied to larger pub companies have struggled to make ends meet.
"The self-regulatory approach hasn't worked, so these new rules will give fairer treatment for landlords so that they can keep your local pub going strong."