Former Whitbread and Spirit managers buy first pub

26 October 2007 by
Former Whitbread and Spirit managers buy first pub

Foundation Inns, the Enterprise Investment Scheme (EIS) backed pub company, has bought its first freehold pub: the Vine in Walton-on-Thames, Surrey.

The company, which has raised more than £6m for pub purchases, will now close the Vine for extensive refurbishment and has plans to revamp its food offer.

Foundation Inns is fronted by managing director Ian Grundy, former Whitbread operations director, and commercial and finance director Gavin Drew, former head of the commercial finance team at Punch Tavern's managed arm Spirit.

The EIS was launched in May of this year, before the then Chancellor Gordon Brown changed the maximum sum an EIS can raise from a high of £8m to £2m in July.

Grundy said: "We are delighted to purchase such a great opportunity in an area which presents so much potential. Walton-on-Thames is acknowledged by many to be one of the South-east's most desirable and rapidly developing suburbs."

British Country Inns to launch fourth round of funding to fuel expansion in Wales >>

What is an EIS? >>

Admiral looks to food to push profits >>

By Christopher Walton

E-mail your comments to Christopher Walton]( Whitbread and Spirit managers buy first pub) here.

[The Caterer Blog]( Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking