Experienced hotelier and publican Robin Wheeler has acquired his first pub under newly-formed group Somerset Inns.
Robin and wife Natasha have purchased the freehold of the Farmers Inn in West Hatch, near Taunton, Somerset, for just £95,000. Property agent Colliers Robert Barry acted on behalf of a private vendor.
The 16th century former coaching inn, which Wheeler plans to run as a destination food-led pub, includes a 70-cover restaurant, five letting rooms and seven acres of land.
Wheeler plans to concentrate on establishing trade at the pub, before eventually building an estate of up to five pubs. He has previously worked at the Belfry, at the London and Cardiff Astoria hotels and opened the Brighton Pier hotel.
"We have been planning the move into pubs for a while and prices have never been cheaper. You can buy a very good business, very reasonably in this market if you have the cash," he said.
"We are looking to recoup the cost of the pub within nine months. With current trade, that is realistic."
Wheeler has increased trade by 20 per cent already to £15,000 a week, but believes he can double it as the business has several income streams from accommodation and food alongside drinks.
"Our first concern is to get this business right and to build a solid management team before we consider taking on anything else," he said.
"After nine months we will review our profits and look to purchase another. But this pub will always be our flagship."
Chef Adam Boutwell, previously head chef at the Talbot Inn in Oxford, is to head the kitchen.