The Devil’s Stone Inn

Introduction

Suzy Cremer bought the historic Devil’s Stone Inn in 2021 and, with the support of her husband Lee, has transformed the place into a thriving local Devon community hub.

Having not run a pub before, she had to use an expensive bridging finance loan. However, after meeting Allica Bank relationship manager Matt, she refinanced onto a commercial mortgage and is now saving £1,000 a month.

Who are The Devil's Stone Inn?

The Devil’s Stone Inn is a beautiful village pub in Shebbear, Devon, with 400 years of history. Renowned for being one of the UK’s most haunted, it 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. Not only that, but the pub has also become a thriving tourist destination with locals and tourists alike drawn to the pub’s spooky history.

The story

Suzy and Lee met 15 years ago when they both worked in the City of London. The couple had always dreamed of leaving the city behind and opening their own country pub.

“A little while ago we stumbled upon this place, and we fell in love with it instantly,” said Lee. “And here we are, three and a half years later.”

Suzy bought the pub in April 2021 and it was in dire need of work. Since then, it has been transformed, with 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. All the hard work has paid off, with enviable Tripadvisor reviews, a 5-star kitchen rating and a listing in the CAMRA Good Beer Guide.

"People love a traditional village pub and that’s exactly what they get here,” Suzy explained. “It’s lovely and cosy, and has a beautiful beer garden”

“It's a great hub for people to come and meet,” Lee said, “Everyone's welcome here.”

How Allica Bank helped

With no past experience running a pub, Suzy explained that she struggled to find finance to buy the pub initially, with the high-street banks especially reluctant to talk to a hospitality business. “I had no option but to go down the bridging finance route, which was super expensive."

Two years later, however, she met Matt West, an Allica Bank relationship manager. They talked about the possibility of refinancing Suzy’s bridging loan onto a commercial mortgage with Allica Bank. “I really liked Allica’s ethos about supporting small businesses. I felt that they would be the perfect fit for us. They feel modern and fresh, and much more approachable than the mainstream banks.”

By walking Suzy through the application, Matt was able to help Suzy refinance her bridging loan, saving her £1,000 a month in repayments. What’s more, while the bridging loan was an interest-only loan, their new mortgage repayments with Allica Bank will also be paying off capital.

Talking about the process, Matt said, “The fact that they were dealing with a real life person hopefully made that transition and that process a lot smoother than if they had been dealing with a faceless bank.”

While Suzy commented, “Working with Matt’s been an absolute godsend. It's so refreshing to have somebody that takes an interest in the business and who takes the time out to actually come here and visit the premises. It's a really refreshing approach to modern day banking.”

“And the support doesn't stop as soon as the deal is signed. Matt’s put us in touch with other people in similar situations at networking events, helping us grow our own network.”

What’s next for The Devil’s Stone Inn?

With their monthly outgoings now significantly reduced, Suzy and Lee can turn their full attention to their continued transformation of The Devil’s Stone Inn.

“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."

“I am really grateful to have come across Allica Bank. I look forward to the continued support from Matt and to continuing to do what we can to improve the pub, and hopefully making sure it sees another few centuries!"