Newly-formed company Gold Bar Operations Pty Ltd, run by Sydney-based Bill Hindmarsh, will take over the pub's liquor licence.

Mr Hindmarsh purchased the Temora Hotel property with two partners in July.

This will be the first venture into hospitality for Mr Hindmarsh, who discovered the pub while visiting the region for Evolve Hair, the hair care company he owns.

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Asking a taxi driver for a recommendation, Mr Hindmarsh and his friend were driven to the Temora Hotel.

"We went there and we had a great meal, great service, great everything," he said.

After eating a pub meal he described to be as good as any he'd ever had, Mr Hindmarsh discovered the pub was being put up for sale by a group of eight owners that included Hawthorn Football Club premiership player Luke Breust.

Purchasing the property for $420,000 soon after, Mr Hindmarsh knew he landed a bargain that was "dripping with potential".

"I live in Glebe and my local pub here just sold for $21 million last year," he said.

Recent pub sales in the region include The Victoria Hotel which sold for a massive $29 million, Lake Albert's Thomas Blamey Tavern for $25 million and Gundagai's Criterion Hotel for $6 million.

While the new Temora Hotel owners continued the leasing agreement in place with Murrells Hospitality Group last year, licensee Ben Murrells approached Mr Hindmarsh in January to sell the licence.

The two groups exchanged contracts last week in order to finalise the licence.

Mr Hindmarsh plans to keep on current staff, with room to expand the team and offer the pub a few upgrades.

"We're committed to undertaking building works down there to improve things," he said.

"We're getting some plans drawn up at the moment for a roof to go over the beer garden and we want to do certain other things there to improve .... the appeal of the place."

Mr Hindmarsh said the pub's hotel rooms were also in dire need of upgrading.

"I don't think anybody's done anything to the upstairs part for at least 30 years and we certainly have some ideas about what we can do up there, in time," he said

More than just taking a liking to the Riverina town, Mr Hindmarsh, who said he may now look to purchase a house locally, has familial connections to Temora.

"My uncle and aunty lived there since basically the depression," he said.

"My father's oldest brother is buried in the cemetery there with his wife and they have my grandparent's ashes interned with them."

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