Former Greene King CEO Rooney Anand is set to buy 40 pubs from Stonegate as part of a first acquisition for his new investment vehicle.

Sky News reports that Anand’s RedCat Pub Company could complete the deal this week, and is awaiting the approval of the Competition and Markets Authority (CMA).

Stonegate agreed with the CMA that it would offload 42 sites as a condition of its takeover of Ei Group, as a solution to competition concerns.

Former New World Trading Company CEO Chris Hill is heading up RedCat Pub Company.

Sharon Badelek, formerly of Novus Leisure, has joined as chief financial officer.

The company is backed by £200m investment from US investment fund Oaktree Capital.

RedCat has said its objective is to partner with talented licensees, publicans and entrepreneurs to support the recovery of the pub sector.

It is looking to acquire quality retail and tenanted pubs across the UK, but predominately focused on the East, South East and South of England.