The sale of the Pitcher & Piano chain appears to have run into trouble after would-be buyer Regent Inns cut its offer.
According to a report in The Times, the bid price has dropped to as little as £60m for the 44-strong package of bars.
This contrasts with the original price of £70m to £75m predicted in April when Regent made its initial approach to owner Wolverhampton & Dudley Breweries (W&DB).
Although neither side has commented on the bidding process, it is believed that Pitcher & Piano has suffered from disappointing like-for-like sales.
W&DB is selling Pitcher & Piano as part of a group of 170 outlets, which also includes the Varsity student pubs.
While defending itself against a hostile takeover bid from Pubmaster last month, the brewer claimed it would raise £121m through the disposals.
The cash is to help it pay £200m back to shareholders over the next two years - a promise that won over 53 per cent of its investors in its fight against Pubmaster earlier this month.
W&DB wants to exit high street bars to focus on community pubs, including its Bostin Local concept.
Other pub companies, such as Barracuda Group, expressed an interest in Pitcher & Piano, which is one of the most well-known high street bar brands.
According to the latest issue of Flavour magazine, the management of Pitcher & Piano is keen to press on with developing the chain, which will be changing hands for the fourth time in five years.
Ben Lea, who took over as business development manager for the brand this summer, said: "The fact that Pitcher & Piano is up for sale means the future is exciting for us all. Having responsibility for developing the brand at this time is a major challenge.
"We have a strong individual image and the trick is to maintain this reputation and build on our success."
Regent is ready for a deal after a management restructuring last year which saw its share price revive to 200p earlier this year. However, worries about the Pitcher & Piano deal have depressed the price.
Regent is focused on rolling out its Walkabout Inns brand and developing the Jongleurs comedy clubs and related Bar-Risa bars. It already has a number of bars operating in the same sector as Pitcher & Piano, such as Bar Monaco and Pals.
The first Pitcher & Piano opened in London in 1986 and was taken over by Staffordshire brewer Marston's in the mid-1990s. After Marston's was swallowed up by W&DB, the chain has continued to grow and now stretches from Glasgow to Swansea to Tunbridge Wells, Kent.
Related stories:
Brewers make their mark on the style bar market (Flavour, August 2001)
Pubmaster looks for acquisitions despite failure of Wolves bid (August 16, 2001)
Wolves steps up defence against Pubmaster (July 23, 2001)
Regent rumoured to be bidding for Pitcher & Piano (July 9, 2001)