ALAN Sugar has been confirmed as the new owner of an historic village pub.

The entrepreneur and Apprentice TV star has bought Ye Olde Kings Head, in Chigwell High Road, a grade II* listed building and historic landmark.

Lord Sugar's son Daniel told the Guardian: “We just thought it was a unique opportunity to purchase the freehold which hasn't come up for many years. It's a good bit of property.”

Mr Sugar said the building would remain closed for “several months” to consider what to do with it.

“I'm acutely aware of the history of the place and I'm sure there's a lot of interest in what's going to be happening with it,” he said. “At this moment in time We've literally just bought it. We all like the building and we will consider the options with it.”

The Kings Head is reputedly 600 years old and its famous visitors are said to include everyone from Charles Dickens, and Winston Churchill to American director and actor Orson Welles.

Speculation among former drinkers has already started as to what Lord Sugar will do with the building.

Barry Hull, 54, of Trotwood, Chigwell, said: “The rumour we've heard is it will be closed for a while then turned into a restaurant. Years ago there used to be a restaurant upstairs.

“It'd be nice if they turn it back into the old King's Head it used to be. Years ago it used to be buzzing. Hopefully it'll be a nice local pub. There's not many of them left in Chigwell.”

Glen Buckingham, 58, of Oak Lodge Avenue, Chigwell, said: “I heard it was turning into a restaurant with a silver waiting service. Chigwell is running out of local places to go. I'll go and have a look and if it's nice and convenient I'll use it.”

A spokeswoman for previous owner Punch Taverns said: “The sale completed a fortnight ago and we can confirm that it will continue to operate as a pub/restaurant following a refurbishment.”