Spirit Group has today announced that it is to sell 178 city centre pubs and bars to the Tattershall Castle Group (TCG) for £177m.

The newly-formed TCG – named after the floating pub near Charing Cross Pier – will acquire the pubs with backing from private equity firm Alchemy.

The sale follows approaches from interested parties earlier this year.

Karen Jones, chief executive of Spirit, said: “This deal allows Spirit to focus on our core community and food-led pubs, which, as demonstrated by our trading figures, continue to gain real momentum. Spirit is fully focused on trading and there is a great deal more to go for.”

Over the past 18 months, Spirit has acquired Scottish and Newcastle Retail, sold Premier Lodge and 364 pubs to the Globe Pub Company and agreed a £2bn refinancing. Details: www.thespiritgroup.com