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Thu 29th Jan 2015 - Oakman agrees terms to acquire flagship Lazy Cow site in Warwick
Oakman agrees terms to acquire flagship Lazy Cow site in Warwick: Oakman Inns & Restaurants, the pub and restaurant operator led by Peter Borg-Neal, has agreed terms with the key parties to take over The Lazy Cow in Warwick, a flagship site that achieves net annual turnover of circa £1.7m. Borg-Neal said: “We have held long discussions with Urban & Country Leisure (UCL) and the site’s freeholder, Downing Capital and I am delighted to say that we have agreed terms in principal and are close to signing contracts. Warwick is a great town with a superb reputation as a thriving county capital with a huge programme of Community activities and engagement and we have admired this site for a long time. Part of The Lazy Cow’s success is down to the great hard-working team employed there and we believe the operation and its staff will prove a perfect fit for the Oakman portfolio. Our recent new openings are performing well and a high quality acquisition of this nature will build on that momentum.” The Lazy Cow opened in October 2010 following a £1.5 million investment into the former Globe Hotel and has performed strongly ever since under the direction of UCL’s managing director, Ross Sanders. So successful was the Warwick site that UCL expanded the brand into Salisbury, Solihull and Stratford-upon-Avon. Borg-Neal also indicated that they are considering changing the name back to its historical title, The Globe Inn, before inviting the people of Warwick to have their say in its long-term name. They also intend using a large number of local suppliers such as the highly renowned Aubrey Allen of Leamington Spa who already supply meat to all Oakman Inns in line with their sustainable restaurant policies. Borg-Neal added: “All current employees should be reassured that, if and when the deal completes, there will be no redundancies and they will simply transfer their jobs into our employment. We also hope that some of them will want to join our management training schemes and to develop careers within our company which is planning to open three further operations before June 2015.”


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