Entrepreneurs John Finney and David Harrison have re-launched the Heritage Pub Company with the acquisition of Pennant Inns' 240 pubs.
Heritage has acquired the freeholds from property company Atlas Way.
Pennant Inns was managing the pubs on behalf of Atlas but was declared insolvent after accumulating losses of £7.1m over four years.
It is understood Atlas Way will have an equity stake in Heritage as part of the deal.
This is the second time Mr Finney and Mr Harrison have operated under the Heritage name.
They sold 55 pubs to tenanted giant Pubmaster last December for £18.9m but retained most of their head office staff and the trademark name.
It is understood that many of the pubs are in need of attention. Mr Finney said Heritage planned to invest significantly in the estate and bring all 240 pubs up to speed.
"We recognise that the pubs have the potential for development and we are excited at the prospect of applying the Heritage philosophy of support and investment to over 240 pubs across the entire country, not just the East Midlands."
The new owners were still establishing contact with the 240 licensees. Mr Finney said the company was keen to stress a positive message to its publicans.
"Although it will take time, we are confident that we can employ the Heritage values and help our tenants establish profitable, thriving businesses," he said.
The company has recruited John O'Neill, a former director of Mansfield Brewery, who joins Heritage as Managing director. Mr Finney will take the role of commercial director and Mr Harrison, finance director.
Mr Finney, 41, and Mr Harrison, 40, established Heritage in 1996. Previously Mr Finney was with Whitbread as free-trade sales manager and Mr Harrison trained as an accountant with Deloitte & Touche.
The Heritage founders first met at school, at Adams' Grammar School in Newport, Shropshire.