Hospitality group Oakman Inns has revealed plans to give its newest acquisition, The Royal Foresters, a £3.5m makeover after ending the year on a high with a 52.8% rise in group turnover.
The pub group, which now consists of 18 properties across the country, recorded significant growth throughout its portfolio in 2016, with group turnover totalling £19.3m for the year ending April 2016.
The results follow Oakman Inns’ acquisition of The Royal Foresters in Ascot for £3.6m in December. The property was previously a Beefeater and Premier Inn, and one that Oakman Inns & Restaurants’ CEO, Peter Borg-Neal, had ‘admired for a long time’.
Work on a £3.5m development of a 10,000 sq ft Oakman Inn with rooms will begin in the spring with completion scheduled for the autumn.
As part of the group’s growth pipeline, the company also submitted the Planning Application to convert a freehold, former nursing home in Olney to an Oakman Inn and contracts have been exchanged for the freehold of 10 Akeman Street in Tring with the intention of allowing the company to extend their current flagship site.
Oakman Inns also enjoyed a strong Christmas trading period; over the four weeks up until January 1, total sales were up 30.5%, with Average sales per site over the 15 fully developed Oakman Inns was £182,334.
Oakman Inns & Restaurants’ CEO, Peter Borg-Neal, said: “We were very pleased with our performance in 2015/16. The current year is going exceptionally well and we are considerably ahead of our budget for the year. We saw some choppiness with respect to sales at the beginning of Q3 but a stellar performance over Christmas has got us back on target. The acquisition of The Royal Foresters is hugely significant for Oakman Inns. I admired this site when I was at Whitbread and have coveted it ever since. It is a huge investment for us but we are confident that we have the skills to get strong returns from our investment.”