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Fri 16th Aug 2019 - Red Oak Taverns completes acquisition of 18-pub portfolio from Wadworth, plans £1m investment
Red Oak Taverns completes acquisition of 18-pub portfolio from Wadworth, plans £1m investment: Red Oak Taverns has completed the acquisition of an 18-strong package of leased and tenanted pubs from Devizes-based brewer and retailer Wadworth for an undisclosed sum and plans a £1m investment in the new sites. In May, Propel revealed Wadworth had put 24 of its tenanted pubs on the market through agent Christie & Co – nine pubs on an individual basis and 15 as part of a package. Red Oak secured exclusivity over 18 pubs in the portfolio. The pubs are all located in the south and south west and strengthen the strong regional bias of Red Oak’s existing estate, which now comprises 179 pubs. Red Oak Taverns co-founder Mark Grunnell said: “We are delighted to have secured this quality portfolio of pubs from Wadworth. We believe the pubs and licensees will benefit from Red Oak’s flexible approach to operating leased and tenanted pubs and from the £1m of investment we have planned for the acquired portfolio. Our focus has already turned to building the strong relationships with our new tenant partners required to preserve the sustainability of these great British assets and the invaluable contribution they make to our communities.” He added: “Approaching the eighth anniversary of our formation, we are still in our infancy and planning for the long term. We have built a strong platform, have a clear strategy and look forward to growing our business substantially over the coming years.” Wadworth chief executive Chris Welham said: “We are delighted to confirm a sale has been agreed to Red Oak Taverns. The sale has involved all parties working closely together to cause minimal disturbance to the tenants and their businesses.” Simon Chaplin, senior director at Christie & Co, added: “This is further proof of the continuing strength in the pubs market as the sale attracted interest from numerous parties looking to acquire these assets.” Grunnell founded Red Oak Taverns with Aaron Brown in 2011. Wadworth operates more than 150 pubs. 

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