Oakman announced the “two high-value premium pubs” that have been to McMullen are the Rose, in Wokingham, Berkshire, and the Polecat, in Prestwood, Buckinghamshire.
The sale of the two pubs follows a review of strategic options available to Oakman, which included a potential sale of the business and fresh investment.
Oakman added the proceeds from the transaction will allow repayment of debt maturing in January 2025 together with “providing additional capital to invest in Oakman for the foreseeable future”.
Oakman CEO Peter Borg-Neal said: “While it will be a sad moment when we say goodbye to these sites and to the wonderful teams that run them, we are delighted that they are going to a very good home with McMullen.
Seamless transfer
“Everything I have learned about McMullen during this process encourages me to believe they have similar values to Oakman and provide a seamless transfer for our people.”
Oakman also announced its draft financial results for its 2023-24 financial year.
The company said it had made strong progress throughout the period, ending the year with site earnings before interest, taxation, depreciation and amortisation (EBITDA) up 11.7% to £10.1m and business EBITDA up £1.6m to £4.5m.
Borg-Neal added: “We are pleased with our performance during the past financial year, given the challenging trading conditions faced by our sector.
Sense of momentum
“The first quarter of the current financial year has seen further significant progress and there is a sense of momentum in the business.
“Conversely, the recent Budget announcements represent a severe body blow, as it does to the rest of our industry, and we will have no choice but to implement price increases to mitigate the swingeing increases in pre-profit tax.”
Oakman was advised on the transaction by Sapient Corporate Finance.
Oakman won the Best New Site category in The Publican Awards 2024 earlier this year with its pub the Journeyman in Gerrards Cross, Buckinghamshire.
Judges were particularly impressed with the pub’s “attention to detail, strong sustainability credentials and being somewhere for everyone”, having opened in summer 2023.
