Enterprise Inns' sale of 769 pubs to Admiral Taverns for £318.1m could be an attempt by the pubco to curb the impact of next year's smoking ban, according to industry experts.

The pubs, which represent 9% of Enterprise's estate, are more downmarket properties that traditionally attract hardened smokers.

KBC Peel Hunt analyst Paul Hickman said: "It's entirely likely that it was a consideration. Enterprise wouldn't make this decision based on individual licensees - it would only look at the quality of the pub and its location."

Enterprise chief executive Ted Tuppen also hinted at a push upmarket when he said the deal was part of the group's aim to "improve the overall quality of the estate by removing pubs that do not meet its portfolio objectives".

The deal, which sees Admiral become the UK's third largest leased and tenanted pubco, with 1,825 sites, includes pubs across England and Wales and will complete early next month.

Admiral Taverns joint owner Gary Landesberg said: "The acquisition will transform the scale of our business, driving increased economies of scale." He added that the company would continue to look for further acquisitions.

Top five pubcos by number of leased and tenanted properties

Punch Taverns 8,200

Enterprise Inns 7,700

Admiral Taverns 1,825

Wolverhampton & Dudley 1,815

Greene King 1,548