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St Austell Brewery buys Devonshire pub

08 September 2008
St Austell Brewery buys Devonshire pub

St Austell brewery has bought the Castle Inn in Lydford, Devon, from struggling pub company Heavitree.

The purchase fee was undisclosed but the freehold for the inn had been on the market at £1.25m.

In July, Heavitree extended a review of its business and warned its half-year profits would be sharply lower.

Heavitree, like the majority of its peers, is struggling to combat falling sales as consumers reign in spending due to economic uncertainty and the burden of soaring food price and utility costs as well as increased taxation and legislation.

The Castle Inn is located on the western slopes of Dartmoor National Park and is reputedly haunted.

The deal was handled by property agent Christie & Co.

Beware the perils of the pub trade >>

Heavitree Brewery extends business review as profits tumble >>

JD Wetherspoon's profits suffer from ‘traumatic year' >>

Read more on food costs here >>

By Chris Druce

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