Oakman Inns launches managed contracts division
The division will be responsible for the management, under contract, of a number of selected public houses, where a third party still retains the freehold of the properties.
An acquisition has already been made within the new division and two further pubs will be added to the portfolio this week.
Jack Ashmore, who has been with the pub company for a decade, will operate the Pointer in Brill and the Three Locks in Stoke Hammond, both in Buckinghamshire; and the White Swan in Twickenham, south-west London. The deal for the Three Locks site was arranged by property specialists Fleurets.
Oakman Inns chief executive Peter Borg-Neal (pictured) said he felt the division would boost profits at the company.
He said: “I think Ashmore Inns is going to play a very profitable role in the ever-developing Oakman story.
“Taking on pubs that we admire under sensible commercial terms on a managed contract basis, ultimately, improves the value of the property for the owners as we improve footfall and sales.”
Borg-Neal added there was a personal bonus for him in the acquisitions so far.
He said: “I am particularly delighted we have acquired the Three Locks, as I only live 10 minutes away so Jack will be seeing a great deal more of me than before.
“Tom Cormie at Fleurets has made the entire process very smooth and he knew us well enough to know we would want to get involved.”
The company reached annual sales of more than £40m for the period ending 30 June 2019, which represents a 28.8% growth over the same period last year.
Oakman’s first site opened in 2007 in Tring, Hertfordshire, and its portfolio now comprises more than 20 pubs across the country
Ashmore said the transfer to management control of the selected pubs had gone well so far.
He said: “Our new venture and the opportunity to manage this gorgeous canal-side pub is very exciting.
“The transfer to our management control of the Three Locks has been seamless, and all the staff have transferred over via TUPE (Transfer of Undertakings (Protection of Employment) Regulations 2006).”
He said he would focus on staff training and readying the venue for the festive season.
Ashmore said: “The pub is in pretty good decorative order having been recently refurbished, so we can focus all our attention on familiarising the staff with the way we do things; begin training on our service standards; and focus on providing all our customers with a great Christmas party venue for both workmates and family.”
