The administrators of Mercury Inns have raised around £5m after they sold four freehold properties.
Manchester-based brewer and pub firm JW Lees bought two of the sites - the Red Lion in Hawkshaw and the Walton Arms, Accrington.
Property agents Fleurets, which brokered the deals confirmed The Villa at Wrea Green near Kirkham had gone to a property company, while the Samuel Pepys in Kettering was purchased by a private operator.
Paul Newby, executive director at Fleurets who led the instruction with colleagues Andy Frisby and David Sutcliffe, said: "We initially took these units to market in December 2009 on a confidential basis, in order to protect the Christmas trade. In January we moved to open marketing and within three months, we'd agreed deals on all four units." Paul added: "The success of this project demonstrates that there's still a thirst in the market for good quality freeholds."
Multiple operator Mercury Inns went into administration in November last year after its bank refused to extend a loan to help it pay off a VAT and PAYE bill owed to HM Revenue and Customs. Mercury ran 10 high-quality dining pubs.
By Neil Gerrard
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