Pub operator Burtonwood Brewery is in a position to make "substantial acquisitions" after revealing another rise in profits.
Chairman Graeme Dutton-Forshaw said his family's company had low enough borrowings to be able to make a deal without raising new cash.
But he said Burtonwood would continue its programme to improve its 477-strong estate through refurbishments, selective acquisitions and disposals.
"Competition for the leisure pound is ferocious," he said. "Against this background, our continuing business development has generated growth and provides a strong platform for continued success."
The company, which split its brewing operation into a joint venture with Thomas Hardy in 1998, pushed pre-tax profits up by 16 per cent to £3.52m in the six months to September 30, while turnover edged up one per cent to £23.9m.
Sales of flavoured alcoholic beverages in its tenants' pubs jumped by 62 per cent, contributing to a three per cent increase in turnover for the 437-strong tenanted estate to £14.63m.
It acquired two tenancies and converted two managed houses but is in talks to sell "a group" of lower-volume tenancies.
A three-year refurbishment programme is nearly complete on top of 21 larger developments costing £1.45m.
Its managed estate, which has been reduced to 40 by disposals and transfers to tenancies, maintained turnover at £7.62m.
Dutton-Forshaw said: "This is a reassuring performance in a difficult trading environment with a disappointing summer compounded by heavy competition."
Burtonwood spent £1.1m on four developments over the six months, focusing investment on a new operating style for wet-led managed houses.