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Fri 22nd Jan 2016 - Oakman Inns makes three acquisitions
Oakman Inns makes three acquisitions: Oakman Inns & Restaurants has acquired three new sites as part of the growth strategy for 2015/16. Two of the sites are in Buckinghamshire – Amersham and Swanbourne – and the third is in Solihull in Warwickshire. Oakman Inns’ chief executive Peter Borg-Neal said: “We have agreed a 25 year free-of-tie deal with the Swanbourne Estate to lease The Betsey Wynne. It is a superb pub built in 2007 and we are already operating it as a fully-fledged Oakman Inn. The site in Amersham is a new build, as part of a large residential scheme in the town centre, and will open in the Spring of 2017. Since the collapse of The Lazy Cow group last year we have been trying to obtain control of their former premises in Solihull. We are currently operating the site as a ‘Tenancy at Will’ and hope to sign a permanent deal in the very near future. Once that has been sealed the site will become our third Beech House.” Oakman Inns is in negotiations on a number of other sites and hopes to make further announcements in the very near future. Oakman has previously reported site Ebitda doubled to £2.2m in the year to 5 April 2015. Turnover was up by 16.6% to £12.7m. The company reported like-for-like sales rose 9% in the year with average sales per core Oakman site continuing to exceed £30,000 net per week. Group Ebitda improved by £656,000 to £372,000. New equity of £2,329,000 was raised during the year. The balance sheet was restructured with all bank debt repaid and cash released to fund planned growth. Borg-Neal told Propel earlier this month that he was “very bullish” about the current year especially given the company has just had its best quarter to date. He said the company was looking to open six to ten sites in the next financial year. Borg-Neal added he expected the company to turnover between £21m and £22m in the current year and £30m in 2016/17. Oakman Inns has won five Publican Awards in the last two years, is listed in the London Stock Exchange’s 1,000 Companies to Inspire Britain and claimed 28th place in the prestigious Sunday Times 100 Best Companies to Work For in 2015.


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