Redcomb Pubs founders Dan Shotton and Mark Draper have launched Prospect Pubs & Bars with the acquisition of their first freehold site The Evenlode in Oxfordshire.
The new £1.75m acquisition follows their sale of the entire Redcomb estate of 15 pubs to Young & Co’s Brewery for £34m earlier this year.
The Evenlode, situated in the village of Eynsham, currently operates a 150-cover restaurant and bar, plus two outside terraces with space for up to 160 guests.
The 5,000 sq ft site will receive a £1.2m investment to extend the ground floor and enhance the dining space, as well as add 24 en-suite bedrooms.
“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,” says Shotton. “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 adds: “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.”