Punch Taverns is to convert 50 of its Spirit Group managed pubs into leasehold properties.
It will be the first sizeable transfer of pubs from Punch's managed estate into its tenanted division since 650 pubs were transferred in the wake of the £2.7b acquisition of Spirit in 2006.
A spokesman for Punch said: "As with any pub operator, we constantly review our estate to maximise the potential of our pubs. One of our key strengths is that we have the ability to make sure that we have the right pub in the right place, operating under the best model.
"As part of business as usual, we have identified circa 50 pubs to transfer from our managed to leased estates. Punch has instructed Christie & Co to market the pubs, which are spread across England and Wales."
Earlier this month Andrew Knight quit Spirit Group as managing director and was replaced by former Whitbread man Michael Tye.
By Christopher Walton
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