Hardys and Hansons announced that it would invest up to £15m over the next five years in its tenanted estate, in addition to putting money aside for acquisitions.

The company has started its investment with the refurbishment of the Railway pub in Matlock, Derbyshire.

Jonathan Webster, the retail director at Hardys and Hansons, said: "Over the next five years, we'll be rolling out an extensive investment programme that will include a number of pub refurbishments and enhanced support for tenants through our dedicated team of business development managers."