This is the fifth portfolio acquisition this year by the independent pub operator, growing its estate to 208 pubs operating on a range of flexible agreements.
Co-founder and chief executive for Red Oak Taverns Mark Grunnell said the company was “delighted” to add the eight Bristol-based pubs to compliment their already significant free-of-tie estate.
Grunnell said there was plenty of scope to build trade at each of them, and Red Oak Taverns was looking forward to integrating the pubs into the business.
Mark Grunnell and Aaron Brown founded Red Oak Taverns in 2011, and the pub estate compromises a mix of free-of-tie and tied pubs.
Grunnell added, “Our ability to operate a range of agreements that are flexible and are specifically tailored to each pub and the operator rather than a rigid business model mean we have more options when considering pub purchases.
“We continue to seek out the right opportunities and are confident we can accelerate our plans and substantially grow the size of our pub estate with our ongoing acquisition strategy”.
Euphorium was advised on the transaction by divisional director at Fleurets Kevin Conibear, and Red Oak Taverns was not externally represented.
Red Oak Taverns' history
Earlier this year, Red Oak Taverns received a £15m acquisition facility from OakNorth Bank, which partly went towards the acquisition of nine pubs from Hall & Woodhouse in September.
In January, the company purchased three pubs from Reclamation Inns and 10 tenanted pubs from Wells & Co in March.
The Wells & Co venues are in Bedfordshire, Buckinghamshire and Northamptonshire, and the Hall & Woodhouse pubs are largely based in community and rural destination areas in the south of England.