Oakman Inns & Restaurants, which opened the doors of its first pub 10 years ago this week, has announced the acquisition of the Freehold of The White Hart, Ampthill from Punch Taverns for £2.6m.
The 23-strong portfolio of hospitality establishments across the Midlands has taken over the eight-bedroomed site in Bedfordshire after being run by Oakman Inns since 2015.
It had been operated under a 25-year Free-of-Tie lease after it had been closed for some years, and following a £1.2m investment by Oakman together with a £450k contribution by the landlords, the White Hart was restored to its former glory.
When the opportunity to acquire the Freehold arose, Oakman Inns says it was ‘a very easy decision’, giving Punch a considerable premium to book value and allowing Oakman Inns to add to its portfolio.
Oakman CEO, Peter Borg-Neal, said: “We are delighted to add the White Hart to our growing collection of quality Freeholds. We have enjoyed a positive and enjoyable business relationship with Punch over the last few years, and it has reached a happy conclusion with this ‘win-win’ deal.”
Across the rest of the group, building work is now underway at all three previously announced developments; The Beech House, Amersham due to open February 2018; The Cherry Tree, Olney opening in March 2018 and The Royal Foresters, Ascot due for launch in June 2018.
The company was founded by entrepreneur and CEO Peter Borg-Neal. The first Oakman Inn was The Akeman in Tring in 2007.