As the pace of Augmented Reality (AR) adoption quickens, cultural heritage sites have begun to focus on the opportunities provided by this new and innovative technology. However, small organizations often fear making large investments in AR without a proof of concept due to the risk of failure. Therefore, it is imperative to explore the perceived value of AR from multiple stakeholders' perspectives to ensure the long-term viability of technological innovations in small cultural heritage organizations. The present study uses a small museum in the UK to explore the perceived value of the implementation of AR within the museum context using a stakeholder approach. Qualitative data were gathered from twenty-four stakeholders via focus groups and interviews. This case study shows that AR has economic, experiential, social, epistemic, cultural & historical, and educational value from both internal and external stakeholders' perspectives. AR is considered to be a way to preserve history, enhance visitor satisfaction, generate positive word-of-mouth, attract new target markets and contribute to a positive learning experience. This paper contributes to the knowledge gap in the area of stakeholders' perceived value of AR for cultural heritage tourism.