Husband and Wife Team Transform Historic Repton Pub

A husband and wife team are implementing an extensive investment plan at an historic Derbyshire pub after purchasing the business using funding from Lloyds TSB Commercial.

Richard and Loren Pope have managed The Bull’s Head in Repton on behalf of Punch Taverns since May 2007 and jumped at the chance to purchase the freehold of the pub when it was put up for sale in September last year.

To fund the acquisition, the couple approached Lloyds TSB Commercial, which provided a seven-figure lending package that included funding under the Government-backed Enterprise Finance Guarantee (EFG).

The £1.3 billion EFG scheme was launched earlier this year and sees the Government guarantee lending to viable firms with a turnover of up to £25 million to ensure that they can access working capital and investment funding.

Now, the couple are overseeing an ambitious investment programme, which has included the installation of a wood-fired pizza oven in a part of the 18th Century pub which used to be a bakery. The oven is only the second of its kind to be built in Britain, with the other furnace owned by celebrity chef Jamie Oliver.

Despite the traditionally quiet month of January, the new pizza oven has boosted trading at the pub and it has experienced its busiest weekend on record, leading Richard and Loren to increase the number of pizza chefs employed by the pub from two to five.

As part of the investment programme, the couple are also constructing a large terrace at the back of the pub, boosting the number of covers from 80 to 170 during the summer months.

The pub, which has previously traded as a coaching house, a post office, a butchers, a wine and spirit merchant, a farm and a seed supplier, employs 65 full and part-time staff.

Richard Pope said: “Running The Bull’s Head over the past two years has been a great experience and we really feel we’re at the heart of the local community.

“After working in the industry for three decades it’s fantastic to finally get the opportunity to run my own business. With Lloyds TSB Commercial’s funding and support, we’re in a strong position to continue investing in the pub and take the business forward.

“The new pizza oven has been a huge success and we received lots of positive feedback from our customers. We’re now focused on establishing our reputation and attracting people from across Derbyshire to The Bull’s Head.”

Tim Standley, business development manager for Lloyds TSB Commercial, said: “With Richard and Loren’s in-depth knowledge of the industry we knew they would make targeted investments in areas which have a significant impact on trading and turnover and this was reflected in their business plan.

“We provided 30 per cent of the lending through the EFG, which is an ideal lending solution for relatively new businesses or entrepreneurs. At Lloyds TSB Commercial, we’re one of the most active lenders under the EFG, providing nearly a third of all loans offered since launch.

“Managing your own business can be a daunting experience at any point during the economic cycle, but if you have the expertise, a solid business plan and the right support, it can be a very rewarding and successful venture.”