Regent Inns has bought 31 Old Orleans restaurants from Punch Taverns for £26million.
Of the estate, 27 are short leasehold. The cash proceeds from the sale will be used to reduce debt.
Chief Executive of Punch Taverns, Giles Thorley, said, "The sale of Old Orleans follows a successful and active auction process which we launched in May of this year. The transaction is in line with our strategy to simplify the managed-house business following the acquisition of Spirit in January 2006."
The transaction is expected to complete in September after approval from Regent Inns' shareholders.