The duo, who sold Redcomb Pubs’ 15-strong bar and restaurant estate to Young’s last year in a deal worth £34m, are to take over The Victoria in Woodham, Surrey, which has stood empty for the past 14 months.
Undertaking a joint £580,000 refurbishment with Star Pubs & Bars, which owns The Victoria, the pair hope to transform the site into 'a top-quality, family friendly village local'.
The investment will see a 120-cover restaurant and bar created that meets Covid-19 safety requirements, with seating for an additional 160 available on the pub’s terrace and in the child-friendly garden.
Interiors will be completely stripped back to showcase some of the pub’s original features, including its fireplaces and wooden floors.
The menu, meanwhile, will include a mix of 'affordable' pub classics as well as more 'gastro' dining options, and will also feature an extended grill section.
“We follow the same simple philosophy for every site we are involved with, and that is to create authentic, timeless, quality pubs that are as well-known for their friendly welcome and independent spirit as they are for their fine food and drink at fair prices," says Draper.
"Covid has delayed our plans but not dampened our enthusiasm to take on The Victoria. We’re now on schedule to reopen the pub early-November.”
Alongside The Victoria, Prospect Pubs & Bars also confirm two further properties are in the pipeline, both forecast to open in 2021.
“Despite the current situation, our strategy remains to acquire three to five sites a year for the next five years, comprising of a mix of freehold, leased and tenanted sites, and it’s great to finally be able to get these wheels back in motion," Draper continues.
"Our ambition is to create a group of successful and profitable pubs and pubs with rooms that are accessible to all, with a well-positioned premium offering."
Draper and Shotton announced the launch of Prospect Pubs & Bars in June last year following the acquisition of their first site, The Evenlode in Oxfordshire.
The pair bought the freehold site for £1.75m, and have since undertaken a 'sympathetic' refurbishment, which included adding seven en-suite bedrooms to the property.