Oakman announces new acquisition as it reports 'excellent' first full week of trading

By James McAllister

- Last updated on GMT

Oakman announces new acquisition as it reports 'excellent' first full week of trading

Related tags: Oakman Group, Pub & bar, Peter Borg-Neal, Coronavirus

The Oakman Group has announced another addition to its ever-growing pub portfolio with the acquisition of The Grand Junction Arms near Tring from The Punch Pub Group.

Executive chairman Peter Borg-Neal says the pub launched last week following the easing of lockdown restrictions on outdoor hospitality settings, and 'from a standing start' achieved sales of £38,000.

He adds that the group is very optimistic about what it can achieve with the new site, with plans to expand and develop it shortly.

It comes as Oakman announced a strong first full week of trading, with like-for-like sales against the same week in 2019 up 34.3%, and total sales up 51.5%.

Borg-Neal notes that the figures are particularly impressive given the like-for-likes are against Easter 2019.

"This success is testament to a superb job by Dermot King and his team with respect to our pre-opening training and our investment in our outside spaces.

"Average sales across the Oakman Inn brand were well in excess of £40k net last week - although we did see huge polarisation across the estate driven by the size and amenity of the respective outdoor spaces."

Oakman has been ramping up its expansion plans in recent months, with the aim of having 40 pubs in its portfolio by the end of 2021.

Last month it announced the acquisition of six former Seafood Pub Company sites​ in the north of England, which will relaunch in May following the expected lifting of restrictions on indoor hospitality.

It has also taken on The Woburn Hotel in Bedfordshire​ on a 25-year lease with The Bedford Estates.

The site will be Oakman Group’s largest and takes its total number of bedrooms to 225 across the 13 venues which have accommodation.

Including The Grand Junction Arms, Oakman now has a 35-strong estate in total.

Borg-Neal also warned that despite Oakman's sucess, the sector must put pressure on the Government to follow through with its roadmap plans to reopen indoor hospitality settings on 17 May.

“As an industry, we cannot forget that three in four hospitality venues remain closed because either they don’t have the outdoor space, or they can’t create a bio-secure environment that meets local council requirements," he adds.

"Having vaccinated almost two thirds of the adult population, it’s vital the Government is driven by data and not dates and sticks to its roadmap allowing pubs to serve guests safely inside from 17 May or sooner, or we will lose the backbone of many rural communities, which is constantly undervalued by the governing elites.”

Related topics: Openings

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