Pub operator Barracuda Group is to dispose of 22 "non-core" freehold and leasehold sites.
The company, which currently owns an estate of 217 managed pubs, said the properties - nine freehold and 13 leasehold - no longer fitted its benchmark criteria or the direction of its brands.
Barracuda said it would pursue a more focused strategy reflecting the success it has had with its food-led, all-day trading offer in its Smith & Jones brand. In turn it will place less emphasis on late night weekend trade.
Meanwhile the company said it would spend more than £16m over a two-year period on its core estate. Barracuda has undertaken 60 refurbishments in the last 12 months and has planned a further 50 over the next 12 months.
Christie + Co has been appointed to handle the sale.
Mark McQuater, chief executive of Barracuda, commented: "We are relentlessly focussed on adapting and evolving our offer and keeping our pubs fresh and exciting for our customers at the forefront of industry trends.
"This evolution in the group's strategic focus will further assist Barrucuda to better compete in today's fast-changing marketplace. The disposal of this package of non-core pubs will generate additional capital for us to further reinvest in our existing estate and maintain our reputation for innovation."
By Neil Gerrard
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