Steven Kenee to leave Oakman Group
Oakman founder and executive chairman Peter Borg-Neal said: “During his three years with Oakman, Steve made a huge contribution to our business.
“Among his many achievements was helping us to navigate through the shock waves of lockdown – delivering a successful equity fund raise and securing a Coronavirus Business Interruption Loan (CBIL).
“Latterly, he also successful negotiated our near £30m secured debt with Cynergy, delivered our first ever FCA regulated retail raise and managed the process of Oakman Group becoming a PLC.”
Immensely proud
Kenee added: “I am immensely proud of my time at Oakman. It is a business that I have always held in very high regard. I have learnt a lot from working with the team over the past three years and I wish them all the very best for the future.”
In February this year, The MA reported Oakman Group was looking to increase its openings pipeline to help the business grow its estate by 25%.
In the trading update, Oakman revealed total sales (net of VAT) for the 31 weeks ending Sunday 6 February 2022 were at £37.9m – 74.3% more than last year when businesses were forced to shut.
Faith and support
Compared to the same period two years ago, it also represented total growth of 28.3% and like-for-like growth of 12%.
It also announced the completion of its £29m freehold estate refinance deal with Cynergy Bank.
Kenee said at the time: “I am delighted we have been able to complete the refinance with Cynergy Bank, which has proven to be a pragmatic and responsive partner over the past two years, and I am grateful for the faith and support it has showed the business.
“The transaction significantly reduces our cost of capital, simplifies our corporate structure, and further strengthens the foundations from which our ambitious plans for the group will grow.”
