Sales growth of 8.5% for Oakman Inns
Oakman Inns reported a total sales figure of £18.6m and said its newest sites – the Cherry Tree, Olney; the Beech House, Amersham; and the Royal Foresters, Ascot – performed better than expected.
The growth was reported in a half-year trading update for sales for the 26 weeks ending 30 September 2018.
A mutually satisfactory conclusion of the Hunky Dory Managed Expert Partnership with Ei Group has seen the pubco clarify its property structure, it said.
Five new sites are planned in Farnham, Wokingham, Buckingham, Epsom and Hatfield, with three at the planning application stage.
The company will focus on plans to implement its Beech House concept in flexible retail units later in the year.
'Significant progress'
Chief executive and founder, Peter Borg-Neal said: “We've had an excellent first half to the year with significant progress on many fronts.
“We were delighted with our 8.5% LFL growth, but it is perhaps even more pleasing that it has been achieved without resorting to delivery or discounting – neither of which I am attracted to.
“During the first half of the 2018/19 financial year, the 18 fully developed pubs in Oakman Inns that were open on day one of the financial year averaged £34,085."
He continued: “This strong position reflects the increased like-for-like sales growth as well as the fact that the newer larger pubs are performing strongly. With the opening of the Royal Foresters, Ascot this average sales number will increase further.”
Encouraged
“Our LFL growth pattern has been nothing if not encouraging and we are delighted with our progress and forecast future.”
The Olney and Amersham sites averaged an approximate £40k net over the first half.
Borg-Neal added: “Our largest investment to date, the Royal Foresters in Ascot, has been the real star, smashing our targets by averaging £83k net per week over its first 10 weeks.”
