Smith and Williamson has employed Colliers as agents for the sale of the last tranche, 14 leasehold pubs and bars. No asking price has been given for the estate, which is a mix of seven Springbok bars, seven Old Monk bars and four unbranded sites.
Richard Stanley, who is co-ordinating the sale for Colliers, said the company was inviting offers for pubs separately, in groupings, or as a whole as a "measured and controlled" way of finding the best solution to the company's current financial problems.
Already Fuller, Smith and Turner has bought a bar in Winchester and JD Wetherspoon one in Windsor. A management buy-in of 10 or so bars accounted for the remainder of the original 40-outlet estate, less those that were in development at the time administrators were called in. The future of those sites has yet to be decided.
The exact number of bars featured in the management buy-in could not be confirmed by the Smith and Williamson, as it took place prior to the company going into administration.
On 29 September Old Monk flagged serious problems with the announcement that it was in discussions with its bank about its financial position.
Old Monk, which was formed in 1995, is headed by Gerry Martin, the brother of Tim Martin, the JD Wetherspoon's boss. After a time spent opening cask ale-oriented bars, it hit on a successful brand with Springbok sports bars, and announced earlier this year it would be concentrating on the sports bar format and changing the company name to Springbok to reflect this.
It has been selling its lower performing outlets to fund the expansion of its Springbok bars concept, but it has been hit by losses on unbranded pubs and property sales, and an enforced winter closure for its giant Newquay Springbok.