A KINGSTEIGNTON pub has sold for a grand total of £1.

Former pub managers John Barden, 47, and Jayne Anglesea, 48, bought the Bell Inn, Fore Street, for £1 and become owners on Friday.

The extraordinary sale came about when the previous owner, who wishes to remain anonymous, approached the couple, who have worked at the pub on and off for ten years.

The owner, who wanted to retire, had difficulties selling the property at its full value of £50,000.

Mr Barden said: 'My jaw just hit the table and I was speechless when I heard the offer.

'The owner knew the Bell has always been our first love and he said that because we had been loyal to him he wanted to give us a golden opportunity.

'He told us he couldn't just give us the pub so he would sell us the lease for £1.'

The couple have used some of the money they saved on the sale to replace parts of the roof and buy some new fixtures and fittings.

'We could never have afforded it all if we had to pay the full price,' Mr Barden said.

'The £1 we spent means that we have some breathing space financially. which hopefully will act as a cushion to get us through the recession.'

Prior to the couple taking over as managers the Bell Inn had seen three different managers in 12 months.

The owner told Bettesworths estate agents, who originally put the property on the market, that the business 'requires some stability'.

Now that the couple have taken over they intend to hold on to the pub.

'We're not hiring anyone new as managers,' said Mr Barden, 'We'll be carrying on just as we used to and customers can expect to see our faces behind the bar for quite some time.'