Punch Group has bought Red Rooster Pub Company's 10 managed houses for £3.5m

It will convert them to tenancies and drop the Red Rooster brand.

The sites are in the Midlands, Wales, Bristol and Luton, Bedfordshire.

Red Rooster was created three years ago but two key executives left to run Mill House Inns last November.

The Reading, Berkshire-based company's plan was to develop an estate of branded local pubs serving good food.