A LEISURE group has completed the £650,000 purchase of a pub as it switches the focus of its business.
Darlington company Olma Leisure has sold most of its 15 town centre pubs and is acquiring food or accommodation-led pubs in North Yorkshire and the south of County Durham.
Managing director Martin Coleman said: "We are changing our policy in line with people's changing attitudes to leisure.
"We have sold off the drinking houses and are looking at pubs offering food or accommodation, because that is what people want."
In line with this plan, Olma has bought the Village Inn, in Brompton, near Northallerton. The £650,000 purchase is the group's biggest single investment in its ten-year history.
Olma has brought in husband and wife Brian and Sandra Appleyard, who previously ran the bar at Darlington Rugby Club, to operate the pub.
Set in nearly three acres, it has a 220-seat restaurant and 80 car parking spaces.
Olma is spending £100,000 refurbishing the bar, restaurant and accommodation.
"The Village Inn has tremendous potential and we are confident that it will prove a very sound investment," said Mr Coleman.
"We plan to expand the restaurant, increase the provision of accommodation and also provide conference facilities."
At one stage, Olma had 15 venues between Newcastle and Huddersfield, including the Dalesman and the Cricketers in Darlington.
"It was too big an area," said Mr Coleman.
"We want to keep it more centralised by concentrating on south Durham and North Yorkshire."
It operates four venues; one at Skerne Park, in Darlington, the Lord Nelson, in Appleton Wiske, near Northallerton, the Dock Green, in Leeds, and the Village Inn.
With the profits from the sale of its town centre bars, Olma is also diversifying into commercial property and is leasing out land it bought next to its premises on the Cleveland Industrial Estate, in Darlington.
Mr Coleman declined to comment on turnover or profit, but said he was looking to buy more "food pubs" in the region.
Darlington law firm Latimer Hinks worked on the Village Inn deal.
Consultant David Brown, said: "The Village Inn is already a well-regarded venue for a variety of purposes and Olma's commitment to investing in the property should pay long term dividends."
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