The Orchid Group has acquired 10 sites back from Bar Room Bar.
Bar Room Bar was formed in 2007 following the purchase of 16 sites from Orchid for £20m but went into administration in April following cashflow problems.
Orchid was itself forced into a pre-pack administration just before Christmas. A total of 260 pubs were then acquired by a new company led by existing management.
The operator said it did not require any additional funding for the acquisition and said it would be the first of many acquisitions.
"Acquiring these ten profitable unbranded and branded businesses is absolutely in line with our strategy to lead sector consolidation," said Orchid chief executive Rufus Hall.
"This is an exciting day for Orchid as this represents the first of many acquisitions to come, thus enabling us to continue to leverage our position as a leading player in the managed sector."
Phil Kaziewicz, managing director of Orchid's largest shareholder GI Partners said: "We fully supported Orchid's restructuring, at the end of 2008, because we felt confident in the group's ability to adapt and evolve the business in line with current economic conditions.
"We are pleased to already be seeing the well thought out strategy paying off — not only benefiting the Orchid Group but saving businesses and hundreds of jobs in the process."