Thomas Read Holdings (TRH) - which owns 11 bars in Dublin, including the Bailey, Pravda, Hogans and Life Cafe Bar, as well as the Morrison Hotel - has completed a share capital reduction, which should facilitate the sale of its various assets.

Market sources said the effect of the share capital reduction, which was carried out following High Court approval earlier this month, was to separate the company's various assets into distinct companies.

This should pave the way for the separate sale of TRH's pub, hotel and property assets, which have been on the market for more than a year.

Mr Hugh O'Regan, the majority shareholder of TRH with a 75 per cent stake, announced his intention to sell last January and hired Davy Corporate Finance to find a buyer. At that time, it his stake was estimated at more than €30 million.

Although TRH was reported to have received approaches from about 60 parties, almost half of them British, the company has yet to conclude a sale.

Sources close to the sale process said good progress had been made but the company was not yet at a stage where it was in a position to announce anything.

Mr O'Regan has said in the past that he was looking for "an international partner" for the Morrison Hotel "to take the idea forward" and work with fashion designer John Rocha to open similar hotels abroad. The Morrison, which has 94 bedrooms, suites and a penthouse, cost €19 million to build and has won many awards for its design, which featured the input of Mr Rocha.

The remaining 25 per cent of TRH is owned by Mr O'Regan's brother Declan, Mr Martin Conroy and Mr Anthony Kenna, TRH's managing director.

The group also runs the five bars at Dublin Airport, a contract that lasts until 2008.

Mr O'Regan purchased his first pub, The Temple Bar, in 1988 for €190,460, just as the city-centre area was being rejuvenated. He came to public attention in 1994 when he sold - for €2.54 million - an option on a site in the Smithfield area that he had purchased for €63,490.