Cotswold pub operator Alchemy Inns has made its first move into South Devon with the acquisition of the Exeter Inn.
The Grade II-listed former coaching inn will be the first in a small collection of pubs that Ian Dent and Diana Hunt plan to build up in the area.
The Exeter Inn dates back to the 14th century (with some 19th century additions) and is the oldest surviving inn in the country town of Modbury in the South Hams area.
It is located near the coast and sits on the edge of Dartmoor.
The property was a Royalist stronghold during the English civil war, when two battles were waged at Modbury.
It retains many period features, including a unique decorative plaster ceiling on the first floor and a medieval fireplace and flagstone floor in the main bar.
The inn has six en-suite bedrooms, a breakfast room, two-bedroom owners' accommodation and a walled garden.
The Exeter office of Christie + Co sold the leasehold off an asking price of £95,000 on behalf of John and Lilian Marsh.
By Angela Frewin