Welcome Taverns has acquired its fourth pub and announced plans to grow its estate to in excess of 20 pubs over the next five years.
The Bolton-based company, which is owned and run by Debra and Jeremy Jones, has taken on the lease of the Cheetham Arms in Eagley, Bolton, from Enterprise Inns. It is currently undergoing an extensive refurbishment costing in excess of £80,000 and will re-open in July.
Welcome's other pubs, all in Bolton, include the Chetham Arms, in Chapeltown, the Thomas Egerton, formerly the Globe, in Egerton, both owned by Enterprise Inns, and Punch leasehold, the Brierfields in Blackburn Road, Bolton.
Debra and Jeremy plan to grow the estate locally, within a ten mile radius of Bolton, by taking on bottom-end freehold pubs, refurbishing them themselves and building a local brand, including the creation of its own beer.
Debra said: "We are looking to expand our estates into freeholds. We have a track record of taking on failing pubs and turning them around by refurbishing them and investing in them. Pub companies are selling off their lower end properties and we are looking.
"We wanted to get up to 20 pubs over five years. It is not as easy as it was, but if you have a good business background and can show the banks you know what you are doing, there are still opportunities there [to secure finance]."
Jeremy, who previously worked as a chartered surveyor, said they were looking to start freehold acquisitions next year.
Welcome Taverns was founded in 2006. Debra and Jeremy previously owned 13 pubs under the name Convivial Inns, which they sold in 2005 for £4m to London and Edinburgh Inns.
It plans to target real ale drinkers with its new venture, the Cheetham Arms. The refurbished pub will include four letting rooms and Bolton's first microbrewery. The four-barrel-a-week brewery will be used to make the pub's own bitter and will be visible to drinkers behind a glass screen in the main bar.