The Manor Inn country freehouse in the Devon village of Lower Ashton, near Chudleigh, has been rescued from administration by former hoteliers from the Honiton area.
New owners Janet Cole and Michael Hartley recently sold the Fishponds House country hotel in Dunkeswell to a local businessman who has brought in Bespoke Hotels to manage the property.
The Manor Inn enjoys a prime location and is the only pub in the village of Lower Ashton, which is known for its traditional, white-washed Devon longhouses and its ancient Spara Bridge spanning the River Teign.
The 19th-century, detached property is just off the A38 Exeter to Plymouth Expressway, which brings a seasonal boost to trade along with the pub's proximity to a number of caravan, camping and holiday parks.
It is just 10 minutes from the cathedral city of Exeter, the Exe Estuary, the Teignmouth coast and Dartmoor National Park.
Facilities include a lounge bar, a 20-seat restaurant, a 30-seat function room within a converted forge, three-bedroom owners' accommodation, a trade garden, a pony paddock and a car park.
The Exeter office of Christie + Co sold the freehold off a guide price of £500,000 on behalf of Ian Walker, a Exeter-based partner of business rescue, recovery and restructuring specialist Begbies Traynor, which was appointed administrator for former owner Nicol Inns last year.
By Angela Frewin