Red Oak Taverns, the tenanted and managed pub company, is on the acquisitions trail after completing a refinancing, M&C Report has learnt.
Director Mark Grunnell told M&C Report that the company has sold seven pubs and bought two since it was founded in late 2011 with the acquisition of 32 pubs formerly from Robert Tchenguiz’s R&L Properties pub estate. One more pub is due for disposal.
“We are working to our own programme and we will be well placed to acquire more pubs, which is absolutely our plan.”
Grunnell said a refinancing had been arranged with a “major high street bank”. “That gives us more options in terms of acquisitions as well.”
Asked how many the 27-strong company could expand to, he said: “We would like to grow the business. Let’s see where we get to.”
The company has been implementing a refurbishment programme and today (20 September) sees the re-opening of the Kings Arms in Whitchurch, Hampshire, following a “substantial” investment.
The 17th century pub has been updated throughout while maintaining the original features of the pub, Red Oak said. The commercial kitchen has been completely re-fitted. Red Oak said the new pub layout will allow diners to eat in comfort whilst bar games can be played and live sports shown in the bar and snug.
Red Oak operates a handful of managed pubs. Grunnell, a former associate of Tchenguiz, explained: “We are generally a tenanted company but where we do more substantial refurbs we do like to keep them in-house and keep it flexible; we have the option to do both.”
