Oakman Inns led by entrepreneur Peter Borg-Neal has announced that it has acquired a hotel.
The company has bought the freehold on The Crown and Thistle Hotel in Abington from a private vendor for £1.6 million.
The hotel will close in January for a major £1.4 million refurbishment to bring the property up to Oakman Inn’s exacting standards.
Mr Borg-Neal said: “We’re delighted with our performance in the first part of the year which is clearly well ahead of the market. It is a reward for the tremendous passion and hard work of our people.”
It means that the company will be selling some of its stake in The British Larder gourmet pub and foodie website run by Ross Pike and Madalene Bonvini-Hamel in Suffolk.
Mr Borg-Neal, who is chairman of Tring Rugby Club and an active charity campaigner, said: “We are very proud to have helped Ross and Madalene realise their dreams by creating this wonderful business over the past two and a half years.
“However, they need partners who are properly focused on The British Larder and with the expansion of Oakman Inns this is becoming hard for us.”