Oakman Inns reveals 5.1% like-for-like sales boost
The operator of more than 20 sites saw like-for-likes increase by 5.1% as part of a 15.7% rise in overall sales, which saw total takings pass the £10m mark.
As previously reported by The Morning Advertiser, Oakman revealed annual sales of more than £40m in a trading update in July, with like-for-like sales for the period ending 30 June 2019 up by 4.8% – with the company enjoying total sales of almost £10.8m in the quarter.
The group also announced the acquisition of seven freehold pubs from Downoak and Hedderwick pubcos, which boasted combined earnings before interest, taxation, depreciation and amortisation (EBITDA) of £2.8m.
Core state performance
Oakman, a finalist in the Best Managed Pub Company (2-50 sites), Pub Employer (501+ employees) and Best Sustainable Pub Company at the 2019 Publican Awards, continues to improve and grow in a tough trading environment according to CEO and company founder Peter Borg-Neal.
“Our recently opened sites are trading strongly, and we are particularly delighted with the performance of the Lost Boy in Farnham, Surrey, which has operated well ahead of expectations since it opened five weeks ago,” he explained.
“However, it is the performance of our core estate that I am particularly proud of. Having sites that are a decade old still in growth demonstrates how robust our proposition is and what a strong team Oakman Inns has playing for it.”
Personnel changes
Borg-Neil also announced that Oakman’s finance director Joseph Evans will leave the business next year.
“I very much regret that my friend and colleague, Joseph Evans, has announced his decision to leave Oakman Inns in 2020,” he said.
“Since joining as CFO in February 2014, Joseph has been at the heart of the Oakman Inns’ success story. When he joined Oakman, we had seven pubs and sales of just over £10m but, like all growing businesses, we faced a huge array of challenges, which Joseph helped see us through.
“He has been a huge part of building what we have today – a thriving business with an amazing culture that will soon boast a turnover in excess of £50m.”
Commenting on his decision, Evans added: “I told Peter when I joined that, having been in a big corporation during the formative years of my career, I wanted to spend the next five years with him learning about the realities of life at the sharp end of business.
“In return, I committed to helping him build Oakman into a market-leading company. I think both sides of the bargain have been delivered and I am ready for my next challenge.”
News of Evans’s departure follows announcements that former Novus Leisure, Intertain and JD Wetherspoon employee Michelle Farrell will join the multiple operator as marketing director, with Steve Kenee and Dermot King joining as chief investment officer and chief operating officer respectively.
