Franks, who resigned as a non-executive director of Regent earlier this year, still has more than eight million shares in the company, representing a stake of just under 9%.
Regent said this morning it had sold the last 17 pubs in its unbranded "discrete" estate to Porter Black Holdings, the company set up to run Ann Street's Lionheart pub estate.
Porter Black is paying £4.27m for the pubs, an average of £251,000 each, and just under their net asset value at July 6 2002 of £4.3m. Regent said the 17 pubs recorded turnover of £8.8m, around £10,000 a week each, and profits before interest and tax of £1.1m for the year ended 6 July 2002.
Regent said the disposal "will now allow the group to focus exclusively on the rollout and development of its branded portfolio, including Walkabout and Bar Risa/Jongleurs."