Mitchells & Butlers (M&B), the managed pub and restaurant operator, is set to sell its Innkeeper’s Lodge business to Prupim, part of Prudential, in a deal rumoured to be worth about £90m. As previously reported, the hotels will then be leased to Travelodge, the Dubai backed budget hotel chain that has been subject to Whitbread takeover speculation in recent weeks. However, it is believed that M&B will retain ownership of the majority of the adjoining pubs and restaurants. It is also expected to keep the 35 or so hotels that do not form part of the Prupim deal, according to reports at the weekend. The new board of has indicated it intends to undergo an asset reduction programme as part of its plans to develop its food offering. The deal, which is believed to be going ahead in the next few weeks, 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.