West Yorkshire pub operator Ian Richardson has bought his fourth site, his first freehold, from Enterprise Inns for a sum below the asking price. Richardson, who also has two leased pubs with Enterprise and one with Punch, said it’s part of his plan to move away from tie leases towards freeholds; he eventually wants his estate to be entirely freehold. Richardson bought the Fox in Pontefract for £150,000 off a guide price of £165,000, with a financial package arranged by Acorn Commercial Finance. He has renamed the pub the Old Tavern and plans to spend about £80,000 renovating it over the next six months. “We are giving it a complete face lift, putting a new cellar into it and a new conservatory,” said Richardson. He said he’s considering plans to bid for the freehold of his Punch leased pub, Nevison’s Leap in Pontefract.

Topics