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Wed 27th May 2015 - Oakman Inns reports site ebitda of £2.1m
Oakman Inns reports site ebitda of £2.1m: Oakman Inns & Restaurants, founded and led by Peter Borg-Neal, has reported hitting its budgeted profit of £350,000 company ebitda and site ebitda of £2.1m for the 2014/15 financial year, which ended in April, as turnover rose 20% to just over £12m and like-for-likes climbed 9%. The company opened six new restaurants, raised £10m from private investors, removed all bank debt, and strengthened its board to "give the company a new depth of experience and abilities". Borg-Neal also married his long-time partner Megan and, two days later, threw a party for all the Oakman staff , closing the business for an entire day, before heading off for a few days’ honeymoon. Borg-Neal said that new sites are doing well and all were ahead of investment target. For example, he said, the White Hart in Ampthill, Bedfordshire is averaging more than £40,000 net of VAT per week. A number of important new appointments have been made as Oakman steps up its rate of growth: Gordon Browne, formerly of Orchid, has joined as financial controller, Lisa Yearwood, formerly of Drake & Morgan, has joined as marketing consultant and Ross Pike, formerly of the British Larder, has joined as chef director. Oakman is currently developing sites at two locations: the Navigation Inn, Cosgrove, Northamptonshire, which opens 6 June, and the Kings Head, Chipping Ongar, Essex, which is opening in early July. Borg-Neal said: “We have had an excellent 2014/15, with financial results and progress that are entirely the result of my team’s skills, abilities and support. We have received awards from the financial sector, the hospitality and brewing industries and from the environmental and sustainability sector, again all due to the quality of the Oakman team, and our board has been strengthened within that time by my two executive director colleagues, Joseph Evans and Alex Ford, who joined during 2014 and who have helped make the impact we have had on the market. I have always believed that great people are the key to success and I am delighted that we have made two new crucial appointments. Gordon Browne gained a wealth of experience with Orchid and his appointment will free up Joseph Evans to take a more central commercial role in the business. Lisa is a hugely innovative thinker who will propel our marketing strategy forward. I am particularly excited that Ross has agreed to join our team. We have an excellent reputation for our food, but as with everything we do, we are always aspiring to do more and to do it better than anyone else. By the time the Kings Head opens in Ongar in July we will look back on a period of 12 months when we have taken the business from seven to 13 sites, initiated our own management and staff academies and raised our quality and profitability. We continue to look for new sites and have two or three in the Home Counties under consideration. Furthermore, we have raised £10m to strengthen our balance sheet and now have no bank debt. We are all tremendously optimistic about Oakman in 2015/16 as we really start to see what the engine we have built can achieve."
 


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