Old English plans £11m sell-off
Old English Inns plans to sell 22 pubs and inns for £10.9m to Chesterfield, a subsidiary of property group Quintain Estates.
The sale will need to be approved by Old English shareholders at an extraordinary general meeting next month.
The money would be used to develop the group's pub-restaurants and medium-sized inns.
Chief executive Colin Mayes said: "During the last year we have carefully reviewed the entire estate and we are selling those pubs and inns that do not meet either our operational or financial criteria."
Old English Inns identified 35 it wanted to sell.
Two have already gone to separate buyers.
If the proposed sale of the 22 goes according to plan, the group will have 11 left to sell.
Once all 35 have been sold, Old English will be left with 129 pubs and inns.
