PROPERTY tycoon Robert Tchenguiz is believed to have sold his entire 3% holding in Whitbread, the hotels-to-coffee shops leisure group.

Tchenguiz, who last week unwound stakes in Mitchells & Butlers, the pub operator, and J Sainsbury, the supermarket group resulting in losses totalling up to £1 billion, is thought to have broken even from the sale of the £50m holding in Whitbread.

A significant part of the investments were held via contracts for difference (CFDs) through Kaupthing, the collapsed Icelandic bank.

CFDs are a financial instrument that allows investors to gain economic interest in a share at a fraction of the cost of buying the stock directly.

After the Icelandic government nationalised Kaupthing last week, the bank was forced to unwind many of its positions in an effort to raise cash and boost its liquidity.

Tchenguiz is thought to have paid about £10 a share for his holding in Whitbread, owner of Premier Inn budget hotels and Costa Coffee shops.

The stock closed at 892p on Friday but the position is thought to have been unwound before Kaupthing’s UK arm, Kaupthing Singer & Friedlander (KSF), was placed into administration on Wednesday.

The Whitbread stake is thought to have been placed in the market. Billionaire investor Joe Lewis acquired the bulk of Tchenguiz’s holding in M&B, but it is not clear what has happened to the shares in Sainsbury.

Tchenguiz had an interest in 10.4% of the shares and there is confusion whether the stake now resides with Ernst & Young, the administrator to KSF, or other parties, such as prime brokers. Both Tchenguiz and the supermarket are reported to be making strenuous efforts to find out who owns the stock.

Tchenguiz had invested in all three companies because he felt there was unrealised value in their respective property assets.

Whitbread, headed by chief executive Alan Parker, will publish its half-year results on Tuesday and Investec, the stockbroking firm, is forecasting a 13% rise in operating profit to £132.2m.

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