Laurel Pub Company, which bought Yates Group last week, could end up running 800 highstreet sites if bids for SFI Group, Spirit's high-street division and Barracuda are successful.
Chief executive Julian Sarge-son, who took over at Laurel last December after it was bought by Robert Tchenguiz, said: "It's possible but unlikely that we will pick up all three."
At the weekend, Tchenguiz was more positive about the likelihood of winning current auctions he is involved in. "We should be able to win them all," he said.
The acquisition of Yates last week, which doubles the sizeof the company to 320 venues, comes as Sargeson reports a successful first five months at Laurel. "We've turned around the business quite quickly. We've had profit growth every month since we took over," he said.
Opportunities now exist to convert some Yates sites to Laurel brands such as RSVP and install Yates brands such as Ha! Ha! Bar & Canteen in suitable Laurel venues, said Sargeson.
Analysts also believe that the enlarged Laurel may be able to make annual synergy savings of around £6m a year with efficiency moves such as the closure of Yates' Bolton headquarters. "We are proposing to close Bolton following a period of consultation," said Sargeson.
l Laurel is selling the Phoenix in Nottingham, formerly a Casa, which has traded badly since it was converted to non-smoking under previous ownership. It is also selling its central-London Ludgate Circus Hog's Head to Leon, a healthy fast-food chain in which Tchenguiz has a small stake.
l Tchenguiz buys Yates p10