A Lake District coaching inn has been snapped up by a regional pub company in a multi-million-pound deal.

The Inn Collection Group, which bought the Pheasant near Bassenthwaite in January, has revealed it has purchased The Swan in Grasmere for an undisclosed sum.

The deal brings the group’s portfolio to 13 and it remains on target to double its estate of freehold pubs within the next two years.

The 38-bedroom The Swan will continue trading before the group begins a major redevelopment of the site, it said.

It announced a similar plan for the Pheasant. Both will reopen under its eat, drink, sleep and explore pubs with rooms brand.

Sean Donkin, the Inn Collection Group’s managing director, said: “We are absolutely thrilled to have added this superb venue to our collection. We’re looking forward to investing significant capital into realising the full potential of this phenomenal site for the community of Grasmere and visitors to the Lake District.

“We have a proven track record in repurposing and enhancing historic inns and we’re looking forward to turning our attention to The Swan as we continue to widen our customer base, group presence and visibility across the north of England.”

The group also operates The Ambleside Inn, which recently reopened following a major refurbishment and The Coniston Inn is set to reopen at the end of April.

Its portfolio also includes sites in Northumberland, County Durham, Sunderland and Yorkshire.