Independent pub group Time Well Spent expects to operate 16 sites by the end of 2017 after taking on The Punchbowl Inn near Ockley, Surrey, MCA has learnt.
Director Marc Jones said the 11-strong group was moving towards self-funding to finance its expansion, after initially being funded by a network of local high net worth investors.
He said the Surrey and Sussex based operator he runs with his wife Maureen was trading well in a buoyant market with two additional directors involved in operations.
The company was initially backed by 16 investors who put in between £30,000 and £250,000 on the promise of high percentage returns but no security – which Jones called “whites-of-your-eyes investment”, because it was done on a face to face basis.
On the future funding arrangements, he said: “We don’t necessarily need any more investors now. Our initial investors have started to drop off now, so we’re more or less self-funded.
“It’s a buoyant good strong market and we’re doing really well.”
The Grade II listed Punchbowl Inn, which dates back to the 17th century, was let on a free of tie agreement by Savills.
Time Well Spent was established in 2002 and operates a selection of leased and freehold pub restaurants focussed on good quality drinking environments and food offers in semi-rural locations.
It has carried out extensive refurbishments at many of its venues including the Sportsman in Mogador, the Black Horse in Reigate and the Plough & Furrow in Smallfield.
Jones described the Punchbowl as “a fantastic example of a wonderful British public house..,. and with some gentle refurbishing, it will provide a great asset for the local community and surrounding area.”
Chris Bickle, director in the licensed leisure team at Savills, added: “This traditional public house has been part of Okewood Hill’s history for several centuries and after an extensive selection process we are pleased to have secured a deal with Time Well Spent.”
