Birmingham-based pub firm Mitchells & Butlers today announced the sale of  around 300 pubs as part of its exit from the late-night high street bars market.

The group, which is based in Fleet Street, is selling sites for £373 million.

The pubs will be sold off to a company controlled by TDR Capital, a private equity firm best known for its investments in CenterParcs and Pizza Express.

The sell off includes 52 Scream bars, focused on the student market, and 71 music bars and late night entertainment venues, including some under the Flares and Reflex brands.

The 333-strong estate also includes 75 largely unbranded town centre pubs, 67 drinks-led community pubs and 68 smaller outlets.

There are four Scream bars, a Flares bar and two Reflex bars in Birmingham and a Scream bar in Wulfruna Street, Wolverhampton, although it is unclear if these sites will be affected.

The company has yet to release detailed information  of the pubs in question.

Mitchells & Butlers said it plans to reinvest the proceeds of the sale into growth opportunities in the eating out market, where the firm’s like-for-like sales growth has increased since 2007.

Today’s disposal is subject to approval by shareholders.

TDR Capital said the portfolio of pubs will form the basis of new Stonegate Pub Company Limited.