It is two months since Robert Tchenguiz, the property entrepreneur, declared a 3 per cent stake in Whitbread, yet the move has excited relatively little comment. Some market watchers have suggested that, given his 29 per cent stake in Mitchells & Butlers (M&B), he might try to put pressure on the Whitbread board to negotiate an asset swap with M&B.

Although both companies are known to be open to the idea, which would involve Whitbread swapping its remaining pub-restaurants for M&B's lodges, it seems doubtful that the prospect of such a relatively small deal would have been enough to persuade the Iranian-born tycoon to part with his cash to buy the Whitbread stake.

We can assume, therefore, that he believes Whitbread - like M&B - is sitting on assets whose value is not reflected in the share price. We can also assume that Mr Tchenguiz has been looking at ways to unlock the value of those assets, estimated at up to £3 billion by some analysts. Alan Parker, the Whitbread chief executive, has made clear his disdain for any kind of asset sell-off.

But Mr Tchenguiz already appears to have an ally in Asif Aziz, the property magnate behind Criterion Capital, who is sitting on an 8 per cent stake and is rumoured to have been pressing for some kind of asset move.

The key question is how many other Whitbread investors share his conviction. Some argue that the mooted M&B property demerger would leave the operating company vulnerable to a trading downturn.

Investors would doubtless appreciate the cash benefits of a property spin-off but what if the result was the collapse of the operating business?

Mr Tchenguiz would probably point to the success of such asset-free companies as Travelodge and The Restaurant Group, which owns Garfunkel's and Frankie & Benny's, as an example of how comparable Whitbread businesses could prosper after an asset disposal.

He could also suggest that forcing such operating businesses to pay market rents would focus management on improving their operating performance. Without the comfort blanket of asset ownership, management would have to deliver.

The sceptic might point to the collapse of Mr Tchenguiz's own Laurel Pub Company in the face of weak trading and unsustainable leases as an example of what can happen when a business gives up control of its assets.

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