The company said this sales growth was ”better than expected”.
Borg-Neal said: “As a team we are delighted with these numbers. They represent the fruits of a lot of hard work in the past nine months. What is particularly pleasing is that our Comparable (un-invested) estate grew by 3.5% reflecting the underlying health of the business. We had feared something of a downturn during the soccer World Cup but instead have seen really encouraging growth with our new Spring / Summer menu being extremely well received.”
The company is in negotiations on two new sites to add to its estate which includes its most recent acquisitions the Kings Inn in Chipping Ongar and the Beech House in St Albans.
The company has been looking to raise a further c£2m through the Enterprise Investment Scheme, as part of a financial restructure that will help Oakman fulfil its ambition of opening another three sites this year. It raised £5.5m under EIS in 2013.
Borg-Neal said: “We are cautiously optimistic about the future. Internally we have built a strong platform to work on and have gathered an excellent team of people. Externally the economic indicators have improved. However, I see our future as being about moving through the gears rather than expanding too quickly. Whilst we have strengthened both our Balance Sheet and our human resources we must take care not to overstretch either of them.”
He said rising occupancy costs show that confidence is returning to the sector that has translated to very high rental levels especially in London.
“Let us hope that the Government continues their excellent record of support for our sector by further tackling the scandal of Business Rates – which are taxation without representation. From an Oakman perspective we will continue to be disciplined and ensure we do not sign unsustainable leases. In the end they neither serve lessee nor landlord.”