Break for the Border, the themed restaurants group, is to sell its music and theatre interests, which include the Brixton Academy and the Shepherd's Bush Empire.
Ian Howard, chief executive and one of the founders of the business, has expressed an interest in buying the music and theatre divisions.
He has resigned as chief executive to put together a bid, although he will remain a non-executive director.
Break for the Border will now focus on expanding its bars and restaurants. One of its themed restaurants will open shortly in Leeds and further openings are planned within the year. The company said the division being sold was not as profitable as its bars and restaurants business.
Mr Howard has a background in the music business, and founded the company's Borderline clubs, which play live music at venues in Charing Cross and Oxford Circus.
He has been replaced by Roger Beaumont, group operations director. A new non-executive director will be appointed shortly.
For the year to the end of March, bars and restaurants reported turnover of pounds 14.27m, compared to turnover of pounds 6.88m in the music and theatre division.