It had been run by landlord Mervyn Thomas for more than 30 years until his recent retirement.
Wadworths conducted a review of the premises and decided a sale was the best commercial option.
Wadworths conducted a review of the premises and decided a sale was the best commercial option.
Pub, hotel and restaurant specialist Fleurets is marketing the pub and a spokesman for the agent confirmed the buyer was a small business but had not yet stated if the intention was to keep the premises as a pub.
The property was on the market for around a month and attracted strong interest before the deal was struck in the last week.
Alex Schlesinger, chairman of the London Road and Snow Hill Partnership, said the pub had become a focal point for the community for many years.
He said: "I have got no objection to it being a pub. I certainly object to what has become attached to it in recent years. A lot of the community have been unhappy with the ambience of it and we look forward to some change. You can't blame the pub or the licensee, it is the people who are using or abusing it that are the problem."
Local councillor David Dixon (Lib Dem, Walcot) said he hoped the building would remain as a pub.
He said: "I know the area has had its issues in the past but I would not like to see it turn into anything but a pub. A strong community is one that keeps talking to each other. The Snow Hill area has had its issues but this is a community that knows each other."