MA Leaders Club
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The pubs are based in the south-west of England and are operated by tenants under substantive agreements. This is the first portfolio acquisition for Red Oak since the major refinancing of the business in March.
Red Oak Taverns co-founder and chief executive Mark Grunnell said: “We are pleased to be adding these pubs to our estate and look forward to welcoming the tenant partners to the Red Oak family. They fit very nicely into our south-west estate, which already has our largest concentration of Red Oak pubs in the UK.”
The pubs involved in the deal are the Old Station Inn, Hallatrow, Bristol; the Podymore Inn, Podimore, Yeovilton, Yeovil; and the Wiltshire Yeoman, Trowbridge, Wiltshire.
Red Oak Taverns was founded in 2011 by Mark Grunnell and Aaron Brown and the pub estate comprises 208 free-of-tie and tied pubs.
Grunnell added: “We are keen to deploy the capital we have available following our refinancing to grow our business and add assets to our estate such as this latest acquisition and continue to seek both small and much larger portfolio opportunities”.
First acquisition in March
Red Oak Taverns made its first acquisition of 2022 back in March when it took on the Vine in Worthing, West Sussex.
Grunnell said at the time: “Following the five portfolio acquisitions we completed in 2021, we are delighted to start our 2022 programme with the Vine pub. We are looking forward to welcoming the tenant partner of the Vine to the Red Oak business.
“We continue to focus on growing our pub estate through single and multiple pub package acquisitions to develop our pub business further”.
The pubco also announced it had renovated one of its sites earlier this month (June). The Horseshoes pub in Blunham, near Bedford, received a complete refurbishment inside and out with its two bars being converted into one open-plan room with new décor, flooring, carpets, furniture, wood burning stove and upgraded bar.