PwC’s Ross Connock, Toby Banfield and Tom Crookham were appointed as joint administrators of Oakman Inns & Restaurants Limited and Oakman Dev Limited yesterday (Monday 21 July).
The six sites that are shut include the Grand Junction in Tring, Hertfordshire; the Journeyman in Gerrards Cross, Buckinghamshire; and the George in Ludlow, Shropshire.
Following the appointment, the joint administrators entered into a contract for the sale of freehold property and 13 leasehold sites to Upham with the transaction including the transfer of 531 employees.
PwC joint administrator Ross Connock said: “We are pleased to have entered into a contract for the sale of the majority of Oakman Inns & Restaurants Ltd to Upham Group Limited.
Continued operation
He added: “This encompasses the sale of one freehold property and the transfer of 13 leased sites, allowing the continued operation of these pubs enabling them to continue to serve their communities.
“Most importantly, this sale sees the transfer of 531 staff member. Itis regrettable six trading sites were not included in the sale, resulting in 159 redundancies.
“Our team of employee specialists are providing support to those affected during this challenging time.
“The hospitality sector continues to face significant and persistent challenges, including a reduction in customer numbers, which has been driven by changing consumer habits and broader economic pressures.
“In addition, operators are contending with rising operating costs such as increased energy prices, higher food and beverage costs and wage inflation.”
Coverage extended
Upham Inns chief executive Kevin Todd welcomed the new team into the business and outlined the impact of the acquisition of the new sites into the Upham estate.
He said: “We have been long-term admirers of the Oakman Inns pub estate and the quality of their team and their offer, ever since Peter Borg-Neal founded the group back in 2007.
“We look forward to welcoming the new team into our family and working together to create an exciting premium pub group, now with 30 fabulous locations.
“Upham Inns are currently in southern locations and this deal extends our coverage into the Midlands and south east.”
