Oakman adds to portfolio alongside £3.6m share raise

28-Jan-2021 - Last updated on 28-Jan-2021 at 11:30 GMT

Business bosses: Oakman executive chairman (left) Peter Borg-Neal and chief executive officer (right) Dermot King

Hertfordshire-based multiple operator Oakman Inns has outlined its plans for this year including a “substantial pipeline of sites ready for development” and the addition of a freehold venue in Harpenden.

The Group has also revealed it is expecting to make further announcements in the near future with negotiations taking place in a bid to further accelerate growth.

Oakman executive chairman Peter Borg-Neal said: “There is a huge unsatisfied consumer demand for premium public houses right across the UK.

“Large pubs with a strong all-day food offer, a high level of amenity and most importantly, great people running them is the future of the pub market. We want to play a big part in fulfilling that demand.”

This growth will need funding and Oakman launched an equity raise at the end of last year, targeted at private investors.

Quietly confident

Chief investment officer Steven Kenee said: “I am thrilled to announce we have already received applications for more than £3.6m of share and we are quietly confident we will reach the £4.5m target we set for this round.

“I am also really pleased we have welcomed 170 new shareholders into the Oakman family. Their participation demonstrates the trust and affection our customers have for their local Oakman Inn.

“To meet all ambitions, we will require further funding however, we only want business partners who are interested in long-term, intelligent investment into a sustainable business model.”

The business also stated it had a record quarter in the period it was allowed to trade and has outlined its expectations for reopening.

Confidence brimming

Chief operating officer Dermot King added: “Our remarkable performance last year has left us brimming with confidence for the future.

“Reopening will, of course, be a challenge but the fantastic teams who delivered that performance are still with us and are raring to go again.

“We will open all our pubs on the very first day we are allowed to do so and we expect to trade very strongly from day one.

“During lockdown, we have worked hard to keep our people engaged and have also developed some exciting products that will add to our forward momentum.”

Meanwhile, the multi-site operator has also revealed it has rolled out ‘Oakman at Home’ scheme and has opened an experimental deli and bakery at the Royal Foresters in Ascot, Berkshire.