The pubs are all located in the south and south-west, adding to Red Oak’s existing portfolio of 179 pubs.
Red Oak Taverns co-founder Mark Grunnell said: “We are delighted to have secured this quality portfolio of pubs from Wadworth.
“We believe the pubs and the licensees will benefit from Red Oak’s flexible approach to operated leased and tenanted pubs and from the £1m investment we have planned for the acquired portfolio.”
Long-term planning
Grunnell added: “Our focus has already turned to building the strong relationships with our new tenant partners that are required to preserve the sustainability of these great British assets and the invaluable contribution they make to our communities.
“Approaching the eighth anniversary of our formation, we are still in our infancy and planning for the long term.
“We have built a strong platform, have a clear strategy and look forward to growing our business sustainability over the coming years.”
The sale was lauded by Wadworth chief executive Chris Welham, who confirmed it and highlighted how it would impact licensees.
Minimal disturbance
He added: “We are delighted to confirm a sale has been agreed to Red Oak Taverns. The sale has involved all parties working closely together to cause minimal disturbance to the tenants and their businesses.”
Simon Chaplin, senior director at Christie & Co – which helped secure the deal – outlined the positives of the acquisition.
He said: “This is further proof of the continuing strength in the pubs market as the sale attracted interest from numerous parties looking to acquire these assets in a popular and attractive part of the country.
“We were pleased to have secured a buyer in Red Oak that has a proven track record of investing in its estate and tenants.”
