Entrepreneur Peter de Savary has bought the Cary Arms at Babbacombe in Torquay for more than £1m.

The pub is one of the best known on the English Riviera and overlooks Babbacombe and Oddicombe beaches.

It is understood that de Savary intends to close the pub for a £1m makeover, in order to transform it into a destination hotel.

Speaking on behalf of Peter de Savary, Ian Solkin 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 the UK and international travellers while drawing on the local providers to offer activities from sailing and diving to golf and local attractions.”

The sale was negotiated by property agent Bettesworths.