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Wed 10th Oct 2018 - Oakman Inns reports like-for-likes up 8.5%
Oakman Inns reports like-for-likes up 8.5% in first half, new Ascot site averaging £83,000 net a week, plans to develop Beech House concept: Oakman Inns and Restaurants has reported like-for-like sales were up 8.5% for the 26 weeks ending 30 September 2018, while it revealed plans to develop its Beech House concept. Total sales were up 37.4% to £18.6m, with the performance exceeding internal forecasts for the year to date. During the period, Oakman’s three newest sites – The Cherry Tree in Olney, The Beech House in Amersham and The Royal Foresters in Ascot – all exceeded expectations. Chief executive and founder Peter Borg-Neal said: “We have had an excellent first half to the year with significant progress on many fronts. We are delighted with our 8.5% like-for-like growth but it is perhaps even more pleasing it has been achieved without resorting to delivery or discounting – neither of which I’m attracted to. Our new sites are performing well in excess of their investment targets, with The Cherry Tree in Olney and The Beech House in Amersham averaging about £40,000 net over the first half. Our largest investment to date, The Royal Foresters in Ascot, has been the real star, smashing our targets by averaging £83,000 net per week during its first ten weeks. During the first half of the 2018/19 financial year, the 18 fully developed pubs in Oakman Inns that were open on day one of the financial year averaged £34,085. This strong position reflects the increased like-for-like sales growth as well as the fact the newer, larger pubs are performing strongly. With the opening of The Royal Foresters, this average sales number will increase further. Our property pipeline remains strong and we are on-site at The Polecat in Prestwood and another Beech House in Hampton Hill, near Twickenham. There are now five sites – Farnham, Wokingham, Buckingham, Epsom and Hatfield – in the pipeline, three at the planning application stage. We have clarified our property structure with the mutually satisfactory conclusion of our Hunky Dory managed expert partnership with Ei Group, which delivered an excellent outcome for both parties. Later this year we will begin to focus on the brand development and implementation of The Beech House concept – a high-street offering capable of being developed in retail units and providing Oakman with a further level of flexibility regarding the type of sites it could acquire. Furthermore, because these sites don’t suffer from the same planning restrictions as listed buildings, they could be developed more quickly and at a lower cost than traditional Oakman sites. Our like-for-like growth pattern has been nothing if not encouraging and we are delighted by our progress and forecast future.”


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