But Damien Devine, who ran the historic Angel pub for 25 years with his family, wanted to continue the longstanding tradition of staging drama in the 50-seat space.
The Grade II listed watering hole in St John Street was marketed at £450,000 as both a hospitality venture and “one of London’s last remaining pub theatres” – and the new owners are hoping to pick up the keys next month.
“Damien changed the Old Red Lion so it’s a theatre pub not a pub theatre, and it was sold as a package,” he said.
“The new owners are first and foremost theatre industry people who have done similar ventures in the past. It’s a family business just like before, and they want it to run as it’s been running with no disruption.
“They are looking at the future including plans to become more of a producing house – the theatre is definitely in safe hands.”
The upstairs room had been used as a boxing ring before being turned into a black box theatre in 1979 by founder Charlie Hanson.
The likes of Kathy Burke, Olly Alexander, Cressida Bonas and Sylvester McCoy, have trodden its boards with successes including The Play That Goes Wrong which premiered in 2012 and is still on in the West End.
Robertson has just finished staging his third Freshfest, a six week programme of 21 productions and 20 play readings.
“It’s a way of supporting writers and a good stepping stone for them to get their play on its feet,” he says.
“They get feedback and sometimes a play comes back as a full production.”
There’s also the Old Red Lion’s unique annual horror festival Grimfest which he says it perfect for a pub whose history dates back to the 1500s – even if the current building went up in 1899.
“We’ve broadened it out to be anything grim or dark,” says Robertson.
“People can look down on horror as populist but I’m a big fan and this theatre is absolutely perfect for it – I can attest to the creepy atmosphere whenever I am here alone!”
He adds: “Our money comes from people buying tickets and coming to see the shows but 45-50 seats can fill very quickly – some shows really surprise you like Why I Stuck a Flare Up My Ar** for England which previewed here and won an award in Edinburgh.
“I don’t have much of a manifesto towards any particular work, it needs to be eclectic from new writing to classics – anything entertaining to get the audiences in.”
He believes people “love the atmosphere” of pub theatre and the ticket prices.
“They they are ridiculous in the West End, but shows and actors that start here go on to big things and there’s an excitement about finding the latest talent.
“There’s also the excitement of not knowing what to expect, of buying a drink and going upstairs into a special space that’s like a speakeasy and seeing something you weren’t expecting.”
He says there’s a community spirit to the Old Red Lion.
“The pub feels like a local not like a chain, and is supported by the community who come and buy tickets.”
The new owners plan a “slight renovation” of the downstairs pub and he admits the theatre “needs some TLC.”
He adds: “They are keen to put their own mark on it in terms of interior design but keeping the charm of what’s there – the people who love it really love it, and want the pub to stay as it is.”
Details and bookings for all Old Red Lion shows at www.oldredliontheatre.co.uk
