The Lamb and Flag is a Grade II Listed Building, part of which dates back to the fifteenth century. Conservation work to original timbers and recovering the roof with original stone slates were key elements of the refurbishment. It also involved a complete renovation of the walls, timber floors, wood panelling, bar frontage and counter. A complete upgrade of the electrics, new cellar cooling equipment and upgrading the kitchen facilities were also carried out.

In addition, four derelict rooms above the pub were refurbished to provide post-graduate student accommodation. The license of the pub is now held by St John's College, the profits from which help to fund post-graduate bursaries.