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Wed 3rd Oct 2018 - Ei Group and Oakman Inns end Hunky Dory partnership, first time managed joint venture finishes
Ei Group and Oakman Inns end Hunky Dory partnership, first time managed joint venture finishes: Ei Group and Oakman Inns and Restaurants have ended their Hunky Dory Pubs partnership, Propel has learned. It is the first time an Ei Group managed investments joint venture has ended since the format was launched in 2015. Ei Group, which owned 51% of the ordinary share capital of Hunky Dory, has sold its stake to Oakman Inns and Restaurants, which is led by Peter Borg-Neal, for an undisclosed sum. The partnership, formed in May 2016, operated two sites – The Beech House in Solihull, which opened in August 2016 and The Four Alls in Welford-on-Avon, near Stratford-upon-Avon in Warwickshire – following a £1.9m redevelopment. The stewardship of the two pubs will be taken over by Ei Group’s commercial properties division with Oakman Inns holding the leases. James Croft, group strategy and retail director for Ei Group, said: “We have enjoyed a successful business relationship with Peter and the team over the period. We have delivered outstanding returns for our business and this sale is an excellent outcome for both parties. Our commercial properties business unit will now take over the stewardship of these two outstanding pubs, which are invested to a high standard and both let on long-term commercial leases.” Borg-Neal added: “We have worked closely with Ei Group in creating two fantastic and fully invested pubs which have delivered a superb return on investment for their investors. They are now let on strong covenants and providing far higher rents than were achieved under previous income models, and I believe Ei Group should be immensely proud of its innovative partnership strategy. Ei Group has also recognised that for Oakman to continue its development and to reach corporate maturity we need a simplified estate structure that melds effortlessly with our current plans. It speaks volumes for our partnership it has readily helped us achieve those aims. We have enjoyed working with its exceptional team, and very much hope we will be working together again in the future.” Hunky Dory Pubs reported sales of £3,002,104 in the period to 30 September 2017. It made an operating loss of £135,821 and a loss before tax of £193,041. Ei Group now operates ten managed joint ventures. Its latest is with Urban Pubs & Bars, founded by Nick Pring and Malcolm Heap.


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