Millionaire buys Torquay pub
Multi millionaire and international entrepreneur Peter de Savary has bought one of the English Riviera's best known waterside pubs - the Cary Arms at Babbacombe in Torquay.
De Savary, who recently sold his luxurious Bovey Castle hotel complex near Moretonhampstead for £26 million, has paid an undisclosed sum believed to exceed £1 million - for the Cary Arms.
His intention is to close the pub for a million pound makeover.
The inn, which overlooks Babbacombe and Oddicombe beaches, is thought to have been built around the 1850s and once hosted King Edward V11 for tea.
The sale has been negotiated by property agent Bettesworths (01803 212142) who, in the past, also sold Mr de Savary the Sandy Park Inn at Chagford.
RejuvenationIan Solkin, on behalf of Mr de Savary said: "Over the next few months a strategy will be made to rejuvenate the site as a focal point in the Torbay community.
"Our intention is to make the Cary Arms a first class hideaway destination hotel for UK and international travellers while drawing on the local providers to offer activities from sailing and diving to golf and local attractions."
Matt Bettesworth who negotiated the sale said: "I am delighted to see a major investor coming into Torbay. I have worked with Peter de Savary on other projects in the South West and know that his involvement with the Carey Arms will only be good news for all concerned. The benefit of this sale I am sure will be positive for the South Devon region."
De Savary operates his pub company under the name of Havana West Ltd. He also owns the White Hart Hotel at Moretonhampstead.
It is understood that the Carey Arms will close shortly for the refurbishment.
