Three Tuns aims for five

Fast-growing Shropshire brewery the Three Tuns has revealed plans to operate an estate of five pubs after opening its first outlet.

The company bought the freehold of the Horseshoes Inn, Ratlinghope, which had been repossessed, for an undisclosed sum earlier this year and the venue has now opened under the name the Bridges.

Managing director John Russell said: "This is our first pub and we intend to buy four further sites that have similar scope for developing a 'wow factor' that is very much the cornerstone of our approach to business."

Last year the Three Tuns secured an unnamed private equity backer who took a 17% stake in the business and is helping to fund expansion.

Russell said that this has left the company "cash rich", giving it the upper hand in its recent pub acquisition because it could pay in cash.

Russell said he expects to complete the four new acquisitions within the next one to three years.

In terms of the tenure, he said: "Never say never, but the aim is to buy them outright. We are looking to own assets rather than rent them."

Russell said the focus was finding pubs that were "spectacular", but in need of investment.

To date £130,000 has been spent refurbishing the Bridge, with a further £250,000 planned to convert eight listed barns alongside the pub into letting accommodation, and provide an outdoor stage for live music.

Russell added: "We've got our eyes on one or two that we're into negotiation with." He said turnover at the brewery, which produces brands such as XXX, Cleric's Cure and 1642 Bitter, is expected to reach £1.4m in the coming year, up from just over £500,000 last year. The Three Tuns dates back to 1642 and claims to be the oldest brewery in Britain.