Mitchells & Butlers, the managed pub operator, is reportedly close to leasing up to 60 of its hotels to Travelodge, the private equity backed budget hotel chain. The deal, which according to the Daily Telegraph, should be signed next week, would see management of M&B’s Innkeeper’s Lodge estate transfer over to Travelodge, which has recently been subject to speculation regarding a possible bid by Whitbread. This comes after it was revealed that the 2,000 strong pub and casual dining group, was also on the verge of disposing of its bowling alley operation. M&B is understood to want up to £40m for Hollywood Bowl, its chain of 10-pin bowling centres, as part of a drive to offload non-core assets and focus on its core food-led pubs. It has also been revealed that senior management at the group have been handed a private equity style renumeration package. John Lovering, a former Debenhams chairman who joined the group earlier this year, said the new pay scheme would "help move the basis of pay and culture towards one which incentivises growth and increasing shareholder value”. He added: "The company would like to implement the new [scheme] as soon as possible to create focus and momentum around the new strategy and to help attract new and retain existing talent.”