Chief executive Simon Buckley told M&C Report he hopes to brand the pubs under the Archers Brewery name; Evan Evans bought the Swindon-based brewer in 2009.
It is looking for sites on the M4 corridor in south Wales and into Bath and north Somerset, as well as going as far north as Worcester and Oxford.
Buckley expects most would be run as managed houses. He said expansion could run to as many as 25 or 30 sites, and he’s targeting 10 by next Easter.
Buckley added: “We feel the market has now bottomed out and I don’t think it’s going to get any cheaper.”
The exception is the “idiot circle” of the M25, he said. “How anyone is getting returns on pubs there is mind blowing.”