Wells' long-term boost for Mercury

Tamworth-based multiple Mercury Inns has re-opened the Old Coach House in Ashby St Ledgers, Daventry, Northants, in a joint investment with Charles Wells. The historic pub has seen a £500,000 refurbishment — £300,000 from Charles Wells and £200,000 from Mercury Inns.

Mercury Inns has taken a long lease on the pub — its second Charles Wells lease. Mercury joint managing director Mark Butler said: "Charles Wells has been fantastic. What it hasn't done is say: "We want a 20% return on investment".

"It has taken the view that it wants to develop the site and then work out what rent the site can sustain. Charles Wells has taken a long-term view."

Mercury Inns also holds the lease on the Park Inn, in Bedford, a flagship Charles Wells managed house before it was transferred to lease. Turnover is up 18% year-on-year.

The new Charles Wells pub joins 10 other pubs and hotels in the Mercury Inns portfolio. Mercury is a privately-owned company specialising in high-quality, destination rural pubs.

Butler said the new pub was a perfect fit for Mercury's group of non-branded, individual food-led venues in the Midlands and north west of England.

The refurbishment in-cludes new kitchens, en-trance, patio area for al- fresco dining, a completely refurbished restaurant, refitted bars and six letting bedrooms, as well as a new car park and improvements to outside landscaping, gardens and décor.

Butler added: "Mercury's business performance continues to improve, and the smoking ban has helped our food-led outlets considerably, ensuring a comfortable atmosphere for our customers."

Mercury bought the freehold of the iconic 150

year-old Meynell Ingram Arms, one of Staffordshire's best- known pubs, last November off an asking price of £1.5m..

Mercury Inns was formed 11 years ago by co-managing directors Mark Butler and Kevin Thornton and operations director Andrew Chapman.