Redcomb Pubs founders announce new venture

By James McAllister

- Last updated on GMT

Redcomb Pubs founders announce new venture

Related tags: Pub & bar, Restaurant

Redcomb Pubs founders Dan Shotton and Mark Draper are to launch an independent pub venture named Prospect Pubs & Bars.

It follows the sale of Redcomb Pubs’ 15-strong bar and restaurant portfolio to pub giant Young’s earlier this year in a deal worth £34m.

Shotton and Draper announced their latest venture following the acquisition of their first site, The Evenlode in Oxfordshire.

Situated on the outskirts of Oxford in the village of Eynsham and costing £1.75m freehold, The Evenlode was built in the 1930s and encompasses a space of around 5,000 sq ft.

It currently operates as a restaurant and bar, with two outdoor terraces and more than 300 covers.

As part of the acquisition Prospect Pubs & Bars will invest £1.2 million into developing The Evenlode, extending the ground floor area and adding 24 en-suite bedrooms.

Discussing their new venture, Shotton says he and Draper were delighted to be returning to the independent pub sector.

“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.”

Related topics: Business

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