Site sales secure future for Oakman Group

The future of the Oakman Group has been secured following the sale of two high value premium pubs to McMullen.

The deal sees The Rose in Wokingham and The Polecat in Prestwood join the McMullen's pub estate. 

It follows a review of strategic options available to Oakman, including a potential sale of the business and fresh investment. However, the proceeds from the McMullen deal will allow repayment of Oakman debt maturing in January 2025, together with providing additional capital to invest in the business for the foreseeable future.

"While it will be a sad moment when we say goodbye to these sites and to the wonderful teams that run them, we are delighted that they are going to a very good home with McMullen’s," says CEO Peter Borg-Neal (pictured). "Everything I have learned about McMullen’s during this process encourages me to believe that they have similar values to Oakman and provide a seamless transfer for our people."

Finance update

Oakman has also announced its draft financial results for FY2023/24. The company ended the year with site EBITDA up 11.7% to £10.1m and business EBITDA up £1.6m to £4.5m. 

"We are pleased with our performance during the last financial year given the challenging trading conditions faced by our sector," adds Borg-Neal. "The first quarter of the current financial year has seen further significant progress and there is a sense of momentum in the business. Conversely, the recent Budget announcements represent a severe body blow, as it does to the rest of our industry, and we will have no choice but to implement price increases to mitigate the swingeing increases in pre-profit tax."

You may also be interested in…