Red Oak Taverns adds 2 pubs to growing estate
The Croft is an established community pub while the Bulls Head has been operated by its current tenants Stephen and Helen Foster, who will be leaving the site upon completion of the sale.
The business has completed six acquisitions this year including its purchase of the Crown in Romeland, Waltham Abbey from McMullen’s in March.
Also included in its 2023 deals was the Six Bells in Madeley, near Telford in Shropshire, which was described as a “perfect fit” with the group’s estate.
Portfolio growth
Furthermore, in the same month (February), Red Oak announced it had bought two venues in the Midlands and one in the south west of England from Marston’s.
The sites were Bird in Hand, Atherstone, Warwickshire; Black Horse, Sheepy Magna, Warwickshire; and Railway in Cheltenham, Gloucestershire.
On the latest acquisition, Red Oak Taverns property and acquisitions director Graeme Bunn said: “We are delighted to secure two more great pubs to add to our growing estate and we are looking forward to welcoming the pubs to Red Oak.
“With the departure of Stephen and Helen at the Bulls Head, we are seeking a new tenant to take over this wonderful thriving village pub and build on their hard work.”
Finance facility
In August last year, the company secured a six year £110m whole loan to help push forward with growth plans.
The debt facility refinanced Red Oak’s then existing debt and provided new capital to drive further expansion with £50m serving as an acquisition facility for new assets and investment, including capital expenditure into its existing estate.
The business was founded in 2011 by Aaron Brown and Mark Grunnell and now comprises more than 200 mainly leased and tenanted pubs.
It is continuing to seek out and secure business opportunities on an individual and package basis.
