Stake in transport firm
Property tycoon Tchenguiz takes stake in embattled FirstGroup
First has as high profile shareholder
Property tycoon Robert Tchenguiz has emerged as a shareholder in the Scottish bus and train company FirstGroup.
Mr Tchenguiz now owns a 3.2% stake in the Aberdeen-based FTSE 250 company which has succumbed to pressures for change from US activist shareholder Coast Capital.
The reasons for Iran-born Mr Tchenguiz’s stake-building in FirstGroup are not known.
He developed a reputation as a playboy and was one of a number of high profile corporate raiders alongside Sir Tom Hunter, Sir Philip Green and the Reuben brothers who were backed by HBOS in the run-up to the 2008 financial crisis.
Mr Tchenguiz became a casualty of the crash, losing about £1 billion in property and retail investments including £390m in 2009 when he sold his 22% holding in pub chain Mitchells & Butlers to Joe Lewis, the Bahamas based billionaire.
It was rumoured that he first introduced Princess Diana to Dodi Fayed, son of the Harrod’s owner, at a New Year’s party in the exclusive Caribbean island of Barbuda.