Heavitree puts pubs on market as it phases out its managed division

Heavitree, the Exeter-based brewer, has put three of its pubs on the market as part of plans to convert its managed estate into tenanted or leased businesses.

The leasehold interest of the Pen Inn in Newton Abbot, Devon, and the Lysley Arms in Chippenham, Wiltshire have been placed on the market with Christie+Co, and the Ley Arms in Kenn, Devon has been marketed with South West agents Bettesworths and Stonesmith.

New, 15-year leases are being offered with all three pubs. The Ley Arms is being offered on a partially tied lease, whilst Christie has said all offers will be considered on the other two. Prices for the leaseholds range from £40,000 to £80,000.

When it announced the move in November, Heavitree had said it expected the closure of its managed arm to take until April.

Managing director Graham Crocker, said: "Of the 20 houses being operated by our managed subsidiary, six have yet to convert to tenancy/lease. Of these, only the three most recently placed on the market are not yet subject to offer."