The Heavitree Arms, Newton Abbot, is among seven 'bottom end' pubs being sold off by the Exeter firm, Heavitree Brewery Plc.
According to Michael Easton, of specialist estate agents Christie and Co, it was time for the firm to come to a decision about the fate of the businesses which are dotted across Somerset and Devon. 'The majority of the pubs were at the bottom end of their business and the company either had to invest or sell them off and they chose the latter,' he said.
'There were several reasons for the sale, some pubs were self-competing and others didn't have the outside space to support the new smoking ban. There was not one universal factor.'
The Heavitree Arms, Highweek Road, is on sale for offers in excess of £350,000. Its sale will help net the company around £3 million when all the businesses are sold. Already under new ownership is the Royal Standard, Shaldon, and Mr Easton confirmed there had been interest in The Heavitree Arms. 'We've had some people through the door,' he said. The sell-off will leave the company, which was founded in 1790 but which quit brewing in 1970, with 93 pubs.
Financially sound with published pre-tax profits of £2.2 million last year, the firm has recently applied to refurbish the Toby Jug Inn, Bickington, which has been empty for four years.
The firm had originally claimed the business was unsustainable but its bid to develop the site for housing was thwarted by both Teignbridge Council and the planning inspectorate. The council is still considering a compulsory purchase order and campaigners hoping to have the pub re-open have met outside each Christmas since its closure for mince pies and carols.