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.