The Peter Borg-Neal lead company has signed a 25-year lease with Greene King for the Navigation Inn at Cosgrove, with plans to make “a substantial capital investment”.
Borg-Neal said: “We were looking for a new destination site and the Navigation is ideal. Canal-side, it is a fantastic location and will be a really excellent addition to our current mix of inns.”
The Navigation overlooks the Grand Union canal just north of Milton Keynes. A joint investment by both companies will see the pub undergo “a complete and sympathetic refurbishment to all areas of the business, including re-building some parts”.
The Navigation is expected to re-open in spring 2015.
Respected
Clive Chesser, business unit director for Greene King Pub Partners, said: “At Greene King we actively seek to attract the best in the business. Oakman Inns’ enormously successful track record of running first rate pubs is well respected in the industry and it is with a great deal of pride and pleasure that we enter this partnership.”
Borg Neal added: “Greene King has demonstrated its flexibility by agreeing to grant a 25 year lease and thereby enabling us to make a substantial capital investment. We believe this pub is bursting with potential and are excited by its prospects.”
He added: “It has been a very positive experience working with the Greene King team so far.”