Red Oak Taverns, the company set up by two former associates of Robert Tchenguiz, is seeking tenants for the first handful of pubs it has invested in out of the 32 its acquired at the start of this year.
The group, which includes Jeremy Blood, former executive chairman of WaverleyTBS, amongst its investors, is looking for tenants for the King’s Arms in Whitchurch, the White Hart in Cullompton and the Globe Inn in Wells. All three have either undergone or are to undergo a major refurbishment.
All three sites are available on a flexible lease or tenancy agreement and are free-of-tie on wines, spirits and minerals. The sites have all have an annual rent if £24k and entry costs range from £10k to £15k.
The Globe is currently being managed by Toby Brett, owner of Banwell House Pub Company.
LT Pub Management, the pub management specialist led by Billy Buchanan, were appointed to handle back office and management for Red Oak earlier this summer.
Blood told M&C Report earlier this year that the group would like to prove the concept before moving it forward.
Blood said the company is focusing on three aspects of trading to growth the company, whose sites are operated on a tenanted and leased basis.
Firstly, to work closely with tenants and “get to know them”. Secondly, to “agree and individual route for each pub” and “have a business plan that works with the tenants”. And finally, to make selected capital investments where there’s a good opportunity to expand the food side of the business, which Blood said is “not as well developed as it should be” in the tenanted sector.
