Rooney Anand, the former boss of Greene King, has plans to buy a group of 700 pubs worth £200m.
He is understood to be one of several parties running the rule over Hawthorn Leisure, a portfolio being sold by New River.
Allan Lockhart’s firm said last month that it was planning to spin off Hawthorn Leisure as a separate business via a listing on AIM, with Jefferies and Liberum advising. However, the group is also understood to be considering options including a sale through its adviser, Kinmont.
Anand has raised more than £200m for his new venture, the RedCat Pub Company, to take advantage of the downturn.
