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."
By Christopher Walton