By the 12pm deadline yesterday, four fully-financed bids are understood to have been received for Spirit Group, which operates an estate of more than 1,800 managed pubs, in an auction which could see the business sold for around £3bn, including debt.

The pitch of the bids is thought to have ranged between about £2.5bn and £2.8bn while the four bidders are believed to be Robert Tchenguiz’s R20 investment vehicle, Punch Taverns, Sir David and Sir Frederick Barclay and private equity firm Clearbrook Capital which was set up by Robin Saunders.

According to The Times, a late attempt to join the bidding process by the Reuben brothers, acting in tandem with Wolverhampton & Dudley Breweries, was rejected.

According to reports, of all the potential bidders competing in the auction, it is understood that Punch is the only one that could complete a deal before Christmas.

In early September, Spirit – which owns the Chef & Brewer and John Barras chains – announced that it was to sell 178 city centre pubs and bars to the Tattershall Castle Group (TCG) for £177m.

Over the past 18 months, Spirit has acquired Scottish and Newcastle Retail, sold its budget hotel chain Premier Lodge to Whitbread for £536m, sold 364 pubs to the Globe Pub Company and agreed a £2bn refinancing.

Spirit is owned by a consortium including Blackstone Group, CVC, the investment bank Merrill Lynch and Texas Pacific. Details: www.thespiritgroup.com