A HERITAGE Grade II listed hotel and pub near Bideford has gone into administration.
The Hoops Inn and Country House Hotel, at Horns Cross, on the A39 has been struggling financially and is now in need of a buyer for the premises to stay open.
Administrators Duff & Phelps confirmed they were appointed administrators of Madiran Limited, the company who runs the inn, on January 21.
In a statement Duff and Phelps said Madiran had been subject to a voluntary arrangement with its creditors from April last year.
They added The Hoops has continued to experience difficulty trading and required a significant cash injection in order meet its financial obligations but were refused further financial help from the company's lender Santander UK Plc.
It was then that Santander approached Stephen Clancy and Sarah Bell, from Duff and Phelps, regarding the prospective appointment.
Mr Clancy said: "We are currently undertaking an extensive strategic and operational review of the Company. "During which we will continue to trade the business in the short term before a proposed marketing campaign is commenced later in the year.
"We have also engaged hotel specialists, Convivial, to assist in trading matters."
The general manager of The Hoops Simon Ainsworth also confirmed the inn was open for business as normal.
He wanted to make clear the business is in administration and not liquidation.
He said: "Nothing has changed, in fact it just gets better." He added that no changes in staff have taken place but did not want to comment further.
Those interested in purchasing the inn are asked to contact Duff & Phelps for further information.