THE directors of an Oxford business school have bought a prominent city centre bar.
Eurobar in George Street has been bought by the two directors of the independent Oxford Business College on the opposite side of George Street.
They plan to refurbish it over the next month and continue to run it as a bar and hotel.
Dr Padmesh Gupta, the college’s director, said: “When it came on the market we saw a good business opportunity there and it is a beautiful area, but of course we are going to upgrade it.
“It will be the same but with new management, new staff and a new look.
“The fact that it is opposite our offices is one of the reasons it attracted us.
“A lot of our students use it so it will definitely help us.”
Dr Gupta said refurbishment work would start straight away and take about a month.
He said the bar, which has 13 letting rooms, would remain open.
The bar and hotel has been run by the O’Boyle family for more than 25 years but they have now decided to sell up. In a statement, the family said: “It has been a big decision for us to leave but we feel that, after all these years, it’s time to move on.
“We would like to say a big thank-you to all our local customers and to those from around the globe who have supported and entertained us over the years, along with all the staff, family and friends who we have laughed and worked with and who’ve made what can be a tough business at times, a lot easier and fun to run.”
The bar was originally a pub called the Welsh Pony, owned by the old Oxford brewery Morrells.
Its name is thought to have derived from the Welsh pit ponies brought for sale at the nearby Gloucester Green market.
Chris Irving, of agents Fleurets, said: “Due to the location and the desirability of letting rooms in central Oxford, we expected strong demand when we launched the marketing off a guide price of £190,000.”
He added: “The marketing generated considerable interest and a sale was agreed to the Oxford Business College in excess of the guide price.”