STUDLEY Castle has "potential for great things", a spokesman for its new owner has said.

The Firoka Group's Anne Lowry said they were investigating how best to take the Warwickshire conference and wedding venue forward.

The Oxford-based firm recently bought the grade II listed building in Castle Road for £4.5 million from Phoenix Venture Holdings - the parent company of MG Rover.

As well as owning Oxford United Football Club, The Firoka Group also owns a string of hotels and conference venues in the south of England.

"We have only owned Studley Castle for a couple of weeks so it is too early to discuss our plans for it," said Ms Lowry.

"At the moment, we are taking our time to get to know the staff and our existing clients while delivering the best service we can.

"It is a very attractive property and it has the potential for great things but we want to take our time to investigate the market fully so we can get it right. I cannot say how long this will take."

She added that in the meantime, the venue would continue as a wedding and conference venue and all existing bookings would be honoured.