The founders of Redcomb Pubs have announced the acquisition of their first freehold site under a new venture following the sale of the group to Young’s in January.
Dan Shotton and Mark Draper confirmed the launch of Prospect Pubs & Bars alongside the acquisition of their first location – the Evenlode in Oxfordshire, purchased for £1.75m.
The 500 sq ft site currently incorporates a 150-cover restaurant and space for up to 160 outside across two terraces. The operators have earmarked a further £1.2m to enhance and expand the pub’s dining and events space, as well as introducing 24 boutique, en-suite bathrooms.
It comes after Shotton and Draper successfully sold off the Redcomb pub group they had founded nine years prior, in a 15-site £34m deal with Young’s, representing a multiple of 8.5 times EBITDA for the brand’s portfolio.
Shotton said: “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. 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 added: “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.”