Oakman completes refinancing deal

Oakman Group Plc has completed a refinance of its freehold estate with Cynergy Bank.

Oakman Group Plc has completed a refinance of its freehold estate with Cynergy Bank, as the group reveals another set of positive trading results.

Cynergy Bank has provided almost £18m of new funding to Oakman, taking its total funding to almost £29m. 

The Dermot King-led business (pictured right alongside chairman Peter Borg-Neal) has also made further progress with strengthening its balance sheet via the launch of an FCA Regulated Share issue, which has seen over 300 new shareholders join the company since it was launched on 17 December 2021.

Despite the impact of Omicron on the key festive period, total sales for the 31 weeks ending Sunday 6 of February were £37.9m – a 74.3% growth over last year when the business was forced to close.

Compared to the same period two years earlier, this represents a total growth of 28.3% and like-for-like growth of 12%.

The group has recently completed significant refurbishments of two sites and is due to open two new pubs within the next two months in Buckingham and Tring. It has also secured what the directors believe to be its strongest ever pipeline of new sites, the development of which will increase the size of the group by some 25%.

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