Pub operators, Dan Shotton and Mark Draper, founders of Redcomb Pubs have announced the launch of their new venture, Prospect Pubs & Bars and the acquisition of their first freehold site, The Evenlode, Oxfordshire for £1.75m.
The new acquisition comes just months after the successful sale of the entire Redcomb estate of 15 pubs and pubs with rooms to Young & Co.’s Brewery, P.L.C. for £34 million earlier in the year, and marks the start of an exciting new chapter for these two experienced pub professionals.
The Evenlode, situated on the outskirts of Oxford in the village of Eynsham, is a large, iconic pub that dates back to the 1930s. Ideally located within close proximity to the A40, the venue is well-positioned to attract both a local audience as well as those travelling through the area for business or pleasure.
The site, which encompasses around 5,000 sqft, currently operates a 150 cover restaurant and busy bar, plus has space to serve up to 160 guests outside across two terraces.
As part of the acquisition, Prospect Pubs & Bars will invest a further £1.2 million into the venue to further develop the site, extending the ground floor area to enhance and extend the pubs dining and events space, as well as adding 24 boutique en-suite bedrooms to create an attractive accommodation offering that will appeal to both business and leisure guests.
Commenting on the launch of Prospect Pubs & Bars, Shotton said, “Following the successful sale of Redcomb earlier in the year, we are delighted to venture back into the exciting independent pub sector with the launch of Prospect Pubs & Bars.
“Our vision is to create a group of successful and profitable pubs and pubs with rooms that provide a well-positioned, premium offering that’s accessible to all.”
Draper continued, “Our acquisition focus will be on large free of tie leases and freehold properties that offer the scope and opportunity for us to develop, extend and capitalise on the site’s potential.
“Evenlode ticked all the boxes on this front. Currently operating as a good solid business, the site, with our vision and investment, has huge potential to develop fresh and enhanced revenue streams through an improved dining, events and accommodation offering.”