Brewer and pub operator Thornbridge is set to open its 12th pub, after taking on a partnership lease on the Cross Scythes in Derbyshire Lane, Sheffield, with Punch Taverns.
The lease is Thornbridge's first with Punch and is on a 10-year, free-of-tie arrangement.
Simon Webster, Thornbridge's chief operating officer, said: "The deal was completed in a very positive way with both sides keen to make the best of a site that has underperformed for some years."
Punch will invest £200,000 in the refurbishment of the 1930s property in a bid to make it a destination pub for the local community.
Richard Woodward, senior regional operations manager of Punch Taverns, said: "We were aware of Thornbridge's growing reputation as a quality brewer and as a pub operator. Our joint investment is considerable but backs our belief that good pubs, run in a professional way, can prove to be successful and we look forward to working with Thornbridge on the Cross Scythes and ahead to possible further agreements".
The Cross Scythes will be managed by Thornbridge's pubs operations manager, Mike Pidgeon. It will reopen after an extensive refurbishment on 2 August.
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs
Blogs on Catererandhotelkeeper.com
Catch up with more news and gossip on all Caterer's blogs
For the latest hospitality news, sign up for our E-newsletters