Oakman Inns confirms million-pound expansion amid strong finance

Expansion plans include the acquisition of The Royal Foresters in Ascot for £3.6m, a former Beefeater and Premier Inn. A £3.5m development plan to convert the site into an Oakman Inn with rooms is set to begin in autumn.

Contracts have also been exchanged for the freehold of a site in Tring, Hertfordshire, as part of the company’s plans to expand its current flagship site, The Akeman.

The 16-site company has also submitted a planning application to convert a former nursing home in Olney, Buckinghamshire, into an Oakman Inn.

News of the acquisitions and future plans come as the company confirmed it had agreed terms for a £7m senior debt and growth capital facility, alongside its private fundraising plans of a further £10m, of which it said £5.9m had already been raised.

The company recently announced successful financial results for the year ending April 2016, with group turnover up by 52.8 per cent at £19.3m, and like for like sales up 5.7 per cent.

Former Intertain chief executive John Leslie has also joined the company as non-executive director.

Oakman Inns & Restaurants’ chief executive and founder, Peter Borg-Neal, said: “The current year is going exceptionally well and we are considerably ahead of our budget for the year…The acquisition of The Royal Foresters is hugely significant for Oakman Inns. It is a huge investment for us but we are confident that we have the skills to get strong returns.”

Oakman Inns & Restaurants was founded in 2005, and now operates 16 sites across England under a variety of names, including two of The Akeman, and three of The Beech House. Other properties include The Crown & Thistle in Abingdon, The Globe in Warwick, and The Blue Boar in Witney.