The Lamb in Berkhamsted is set to be transformed by a £380,000 refurbishment, after being closed for 15 months.
The major project, which will include a new restaurant and pub garden, is being led by Heineken-owned Star Pubs & Bars, The Bull pub owners Russell and Michelle North, as well as Alex Legret and Dan Twine of mobile cocktail bar firm, Three Piece Bar.
The pub is expected to reopen in early November and will create 15 jobs.
As part of the work the outside of The Lamb will receive an extensive renovation - including redecoration, new lighting and signage .
And a south facing courtyard garden will be built at the rear of the building with festoon lighting, covers and heating for year-round alfresco drinking and dining.
Russell North, who has run The Bull for three years, said: “It has been sad to see such a lovely old pub with so much potential closed for so long.
"We want to bring it back to life and add to that end of the high street.
“We’ve spent three years searching Hertfordshire for the perfect pub; it’s great to have found one so close to home. Berkhamsted is a thriving town and I feel lucky to have two pubs here.”
Will Rice, operations director for Star Pubs & Bars added: “We’re delighted to be joining forces with local people to revitalise The Lamb and give it the investment it needs.
"They have a fantastic knowledge of Berkhamsted, understand what residents want and care about the town.
"Their plans are very exciting; everything is being done to the highest standard, so The Lamb should have a bright future under their stewardship."
Construction work is due to start in September 23.