Red Oak Taverns has acquired a package of 10 leased and tenanted pubs from Wells & Co, taking its total estate to 190, and is in the process of finalising terms for an additional £35m of capital.

Mark Grunnell, co-founder and chief executive, Red Oak said the extra capital would enable the business to take advantage of immediate investment opportunities.

“The pandemic has in some part slowed our plans but with the additional funding and an established and focused team, we are ready to take our business through the next phase of its evolution,” he explained.

The sites acquired from Wells & Co – Red Oak’s second acquisition package in 2021 – are located in Bedfordshire, Buckinghamshire and Northamptonshire.

Grunnell said he was delighted to secure a further portfolio of quality pubs to join the business.

“These pubs are a mix of rural destination food venues and community pubs which are a perfect match for our business and we look forward to welcoming the tenants and their teams to Red Oak Taverns,” he commented.

Peter Wells, managing director at regional family brewer Wells & Co, said: “We’ve worked closely with the Red Oak team to ensure the handover is as seamless as possible and I’m confident these businesses will thrive under Red Oak.

“The sale enables us to focus on growing our managed sites both in the UK and France whilst leaving us with a quality portfolio of 170 tenanted pubs.”