Bramwell Pub Company has achieved returns on investments “comfortably north of 60%” since its investment programme began following refinancing in September, chief executive Roger Moxham has told M&C Report.

Twenty significant investments ranging from £30,000 to £175,000 have taken place across the 181-strong estate over the nine months, with about five or so more due by September.

“We are comfortably north of 60% RoIs [returns on investments].”

He added: “Does that give us a direction for rest of the estate? In part, but you choose your investments carefully.

“You don’t just go and whack big lumps of capital at everything you’ve got because the first ones give you that sort of returns, because you’ve got different locations, you’ve got different perametrrs.”

Overall Moxham said there are probably 18 more sites left that require substantial investment, outside of lower “sparkle” spends.

“We can pretty much knock those off again when we’re ready to do that.”

He explained that the “Heart” project to improve its north-east estate, focused on three key areas: improving the “kerb-side appeal”; ensuring the internal fabric and fittings are in good order; making sure customers are served in an appropriate period of time.