NEWBURY'S The Diamond Tap pub will reopen as Yates on Wednesday (September 6).
Owners JD Wetherspoon put the Cheap Street bar on the market last year and has confirmed it has now exchanged contracts with Stonegate Pub Company, the UK’s largest independent pub operator.
It has been confirmed that all staff are being transferred to Stonegate.
Stonegate says it will reopen the pub with a brand new menu, real ales and music whilst considering "how best to use significant investment to secure the pub’s long-term future."
Speaking about the purchase, Stonegate Pub Company's chief executive, Simon Longbottom, said: “We have a strong track record in buying and investing in pubs – and the teams within them – enhancing the offer, and enabling them to thrive under our ownership.
"We are big believers in securing the future of high street and community pubs. In the meantime it’s a huge welcome to the pub’s team and loyal customers whom we look forward in continuing to serve.”
Stonegate Pub Company, who own 700 pubs, employ more than 15,000 staff nationwide.