Future of historic Devon pub secured thanks to financing deal
A landmark pub in the heart of Devon has secured its future thanks to a new financing deal.
The Devil’s Stone, which has a reputation for being one of the UK’s most haunted, was purchased by Suzy Cremer in April 2021 when she, along with her husband Lee, decided to leave city life behind and escape to the country.
The pub has since become a vital part of the local community, with live music and pool and darts tournaments.
The pub has also become a thriving tourist destination with locals and tourists alike drawn to the pub’s history.
Reputed paranormal happenings have seen the pub feature in paranormal studies as well as TV shows.
Lee and Suzy since purchasing the Devil’s Stone, have invested in a complete makeover.
This includes the installation of a kitchen serving up locally-sourced food as well as developing five rooms to accommodate guests and a state of the art cellar system.
The investment however left the couple with significant monthly repayments that had become hard to manage.
As such, Suzy decided to meet with Matt West at business bank Allica to explore ways to reduce those costs.
By refinancing with Allica Bank, she has managed to ditch an expensive bridging loan and save around £1,000 per month, giving the business much-welcomed extra financial head-room.
Suzy Cremer said: “Taking on the Devil’s Stone has been a dream come true and we’re so grateful to the Shebbear community for welcoming us into the village and their support as we’ve built this pub into a real community hub.
“When I first purchased the pub, it was during the pandemic and there was little appetite from the mainstream lenders to issue commercial mortgages to hospitality, especially as I had no previous experience. I had little option but to use expensive bridging finance to help secure the additional funds I needed.
“This left us with huge monthly repayments. But thankfully, with Matt’s help, refinancing with Allica Bank has taken that pressure off. We now have the headroom to start thinking about next steps for the pub, including further investment in our accommodation and an outdoor kitchen with a pizza oven so that more people can enjoy the pub and its beautiful outlook over the countryside.”
Matt West, relationship manager for the South West at Allica Bank said: “We’re proud to have worked with Suzy to secure a brighter future for this iconic pub. The Devil’s Stone Inn is central to the community in Shebbear and is an amazing slice of local history.
“It’s been a pleasure to offer the business better terms than it’d previously had. Local pubs and hospitality are under huge pressure already and we’re delighted to have been able to take some of that pressure off.”
