Laurel Pub Company is cutting its estate from over 600 pubs to 177 with the sale of its 432 community pubs. No buyers have yet come forward officially, although the sale, which could be worth up to £500m, is expected to attract venture capitalists as well as other pub operators. Ian Payne, the company’s chef executive, said: "With the Neighbourhood estate in excellent shape we have decided to put this division on the market. "It is our intention to concentrate on the High Street division and take the lead in consolidation of this highly competitive arena through acquisitions." Laurel’s pubs are organised into five brand categories: the town centre Hog’s Head bars, Wayside, Champion, Town Traditional and Tavern Venue.