The future of an iconic Watford pub hangs in the balance as owners consider options to turn it into flats, a restaurant, a supermarket, a bookmakers or keep it as a pub.

Keys are about to be exchanged on the Red Lion pub, in Vicarage Road, and new owners and fiancées Julian Tendler and Anna Reza have already been approached by several interested parties.

But a Watford brewery, who wanted to buy the pub, fears the historic watering hole will be turned into flats.

The owners, who are property developers, have enlisted the services of architects and surveyors Metropolitan Development Consultancy (MDC).

Mr Tendler said they offers have been made by a supermarket and bookmakers, but as yet no decision had been made.

He said: “We haven’t decided on anything. We bought the pub as an investment. We’ve had offers from a supermarket and a bookmakers. We’d be happy to consider offers from breweries and keep it as a pub.”

But MDC’s Robert Shutler said they were in conversation with Watford Borough Council.

He said: “We are looking at the site at the moment. It previously had planning permission for three flats and to retain the flat on the ground floor.

“It is a brownfield site, we visited it and cleared the rubbish and debris and we are currently looking at the best thing to do with it. We are in conversation with the council.

“From what I understand about the problems in the pub, probably keeping a pub on the site is probably the last thing the council, police or anybody wants to see there.

“It’s highly unlikely it will remain as a pub. The council might give us permission for three flats and maybe a restaurant on the ground floor. No one has made any decision on that though. The rest of the site could well become residences or something like that.”

Pope’s Yard Brewery, based in Whippendell Road, was keen to take over the Red Lion and run it as a brewery pub.

Pope’s joint owner Geoff Latham said pubs being turned into flats are ruining the character of the town.

He said: “The Red Lion very much has a future as a pub - it’s iconic in Watford.

“People keep asking us where they can buy our beer in Watford, we have outlets in Kings Langley, Abbots Langley – even Amsterdam. But none in Watford.

“We would have turned it into a community pub for everyone, we would have probably done some brewing in the pub – it would have become a real destination pub.

“We’ve been searching for a freehold pub in Watford for about five years, which is why I’m particularly annoyed the liquidator did not contact me when the sale of this one came up.

“Other freehold pubs we have tried to buy in Watford have ended up being turned into flats – it’s taking away from the character of the town.”