Mitchells & Butlers (M&B) has confirmed it is in talks about selling a stake in the business to a private equity investor.
The announcement comes after rival Punch Taverns ruled itself out of a bid for M&B and said it would not sell its managed pub arm Spirit to the embattled All Bar One and O'Neill's operator.
M&B said its strategic review of the business, instigated after suffering from the loss of £274m on a joint property venture with tycoon Robert Tchenguiz, continued.
It added that it was however in talks with private equity investors about selling them a 29.9% stake in the business.
Early this month property tycoon Robert Tchenguiz was reported to be looking to sell his 23% holding in M&B.
By Chris Druce
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