Oakman Inns’ annual sales exceed £40m
Like-for-like sales for the period ending 30 June 2019 were up 4.8%, with the company enjoying total sales of almost £10.8m in this quarter.
This represents a 28.8% growth over the same period last year, including sales in excess of £1m at its Ascot pub, the Royal Foresters.
The group’s first site opened in 2007 in Tring, Hertfordshire, and its portfolio now comprises more than 20 pubs across the country.
This quarter, it has opened a new site, the Polecat in Prestwood, and reopened another, the Beech House in Beaconsfield – both in Buckinghamshire – following a refurbishment.
Oakman Inns CEO and company founder Peter Borg-Neal spoke of his delight at the results.
He said: “We are extremely pleased with this performance, in a period where we have been rolling over some tough comparables.
“Our moving annual sales total has now passed through the £40m mark, and we are in good shape, going into our new financial year.”
Sense of momentum
Borg-Neal added: “We are enjoying a real sense of momentum in the business. The energy and new ideas that our new colleagues are bringing to the business will ensure that we continue to evolve and improve.”
The pubco has begun to reap the benefits of several operational schemes, including a focus on boosting the quality of its Neapolitan pizzas, he added.
It was identified as the fastest growing pub company in the UK, and the third fastest growing across the whole of the sector, by the AlixPartners Growth Index earlier this year.
Borg-Neal said: “That acknowledgement of our growth is borne out by our development, over the past 18 months, with six new sites supporting superb sales growth across the core estate.”
Four new Oakman Inns will be opened in the coming year, with sites planned in Wokingham, Buckingham, Epsom and Hatfield, and the opening of the Lost Boy pub in Farnham in September.
The company made a couple of appointments to its senior leadership team this year, including Steve Kenee as chief investment officer and Dermot King to chief operating officer.
