Phil Tudor and long-time business partner Mark Dalton, alongside silent investor Arthur Laundy, paid close to $3 million for the Byng Street institution.

The trio purchased the 150-year-old pub from the Marshall family with "no plans to change it" from "an old-fashioned pub".

Mr Tudor said the Gladstone was "its own beast" and was not going to start serving cocktails like the Canobolas.

"A lot of teenage boys had their first beers with their fathers in there and we've got no plans to change that," he said.

Mr Tudor said while they would look at introducing food to the venue the style of cuisine was yet to be decided.

The purchase included six poker machines and the empty adjacent block on the north western corner of the Byng Street and Hill Street intersection.

Mr Tudor said a development application had been lodged with Orange City Council but plans for the site were in their initial stages.

He ruled out any major renovations of the hotel and said if anything the interior may undergo minor works.

"Just to keep it up to the standard of what patrons expect in country hotels," he said.

The pub went on the market in July last year following the death of long-time publican Harold Marshall.

Mr Tudor's uncle and auntie, Selwyn and Rana Tudor, once ran the pub alongside Mr Marshall.

The publican's son Warwick Marshall currently owns the Robin Hood Hotel.

Mr Tudor said it was a pleasure to be taking over from the "strong hotel family".

"We're very happy to purchase from them and in some way help keep their legacy going," he said.

The change-over from the Marshall family to a Mr Tudor, Mr Dalton and Mr Laundy ownership is planned for six to eight weeks after the exchange went through on December 18.