RedCat 'secures further funding from Oaktree'
As reported by Sky News on Friday 25 November, industry sources stated Oaktree had committed “millions of pounds” to Redcat following discussions between the pubco and its bank lenders.
While the exact amount of investment has not yet been made clear, On Friday, the Sky News source denied it was £20m.
Strategy to invest
Additionally, Sky News stated Oaktree had previously injected some £200m into the pub start-up upon its establishment by ex-Greene King CEO Rooney Anand in February 2021.
Since its inception, RedCat has acquired more than 100 pubs and hotels, with the investment vehicle having secured Britain’s “most famous inn”, the Jamaica Inn, Launceston, Cornwall, in August this year following the attainment of two sites from Berkley Inns in July.
Regarding the acquisitions, RedCat executive chairman and founder Rooney Anand said: “We are confident our strategy to invest in high-quality pub hotels, offering the best possible service and good value is the right one for customers.”
This comes as last month saw former Whitbread managing director Phil Birbeck appointed as RedCat’s new chief executive officer, effective from Monday 3 October.
Grown rapidly
Speaking of the new appointment, Anand said: “I’m delighted to welcome Phil to RedCat.
“We have grown rapidly since launch last year, and Phil’s experience of building and leading strong teams, creating great customer experiences and delivering results will be important as we move into the next phase of the RedCat journey.”
RedCat Pub Company declined to comment on the investment when contacted by The Morning Advertiser (MA).
The MA also contacted Oaktree Capital for comment concerning the investment but had not received a response at the time of publication.
Read the full report by Sky News here.
