A council has described its decision to buy the freehold of a town centre pub as “an investment”.
Wellingborough Council bought the freehold of Rafferty’s, in Market Street, Wellingborough, after it went on sale last September.
At the time, the Telegraph reported that licensed property broker Fleurets was instructed to market the freehold previously owned by Clementines Taverns.
No details about the cost of the deal have been made public, and the public and press will be excluded from a meeting when the issue is discussed next week.
A council spokesman said: “The council has purchased the freehold of Rafferty’s. The purchase is an investment buy, as it has been paid for out of capital funds with a view to bringing in regular revenue income.
“This means that the pub was bought using money the council has in reserve and that can’t by law be used for the running of day to day services, but the income the council will get from renting out the building can be used for running those services. The council is in the process of identifying a potential tenant to rent and run the pub.”