A Devon village has become home to “Britain’s poshest cornershop” after a social media tycoon renovated the store his great-great-grandfather built. 

Michael Birch, who was behind social networking sites such as Bebo, made millions with his endeavours, and is now investing in Woolsery, Devon. 

As well as buying the local pub, fish and chip shop, a manor house, farmland and various other properties, the millionaire has now turned his attention to a former local store. 

Woolsery Village Shop was built by Birch’s great-great-grandfather, and his grandmother was born on the premises in 1900, with the store staying in the family until it was sold in 1961. 

Birch and his wife Xochi have overseen a transformation of the store into a “posh shop”, selling groceries and local products such as artisan spreads. 

Some in the village say they "absolutely love" the makeover - but others say it would have been "better seeing investment on a local level".

One local said: "Absolutely love our village shop make over. All the buildings were listed and derelict back in 2015 and have been renovated at the cost of millions.

"We've already been lucky enough to have the pub, restaurant, fish and chip shop completely renovated by a millionaire who spent his childhood in the village.

"The manor house is still being done up and there's a bakery to be added as well.

''So lucky to buy in this village without any knowledge of the investment that was being planned."

But another local added: "Beautiful renovations clearly needed in the village, but given it was an American tech millionaire owning it all, it would have been better seeing investment on a local level and some sort of cooperative that benefited the local families.''

Some locals have also commented on the prices - with a two litre bottle of milk costing £2.10 - much higher than seen in other local stores.

A tin of Heinz soup cost £2 at the new shop - more expensive than Waitrose which sells it at £1.70 and Sainsburys for £1.50.

But most locals seem happy to spend the expected premium prices in exchange for the investment in their small village.

One local commented: "No one would run at a loss, convenience stores are more expensive. At least they're selling some local good stuff too."

Michael and Xochi are currently renovating a manor house which is set to become a 17-bedroom hotel with a restaurant.

In addition the couple own 90 acres of farmland in the village which will provide ingredients.