Oakman Inns reports strong first quarter
Oakman Inns has reported stronger than expected a growth in like-for-like sales in the first quarter of 2014/15.
In an update on performance the Tring based pub company, led by Peter Borg-Neal, said that sales grew 11.1% in the 13 weeks to 6 July.
Borg-Neal said: "What is particularly pleasing is that our comparable (un-invested) estate grew by 3.5% reflecting the underlying health of the business. We had feared something of a downturn during the soccer World Cup but instead have seen really encouraging growth with our new Spring / Summer menu being extremely well received."
He added that the business was looking to increase growth in the next three years, and has made senior appointments to that end. Joseph Evans joined as finance director from Whitbread in February and Alex Ford arrived as operations director from Greene King in May.
Oakman Inns has recently acquired the Kings Inn in Chipping Ongar and is in negotiations on a further two sites. It is also on site at its new premises in St Albans, which will open in September.
Borg-Neal added: "Externally the economic indicators have improved. However, I see our future as being about moving through the gears rather than expanding too quickly. Whilst we have strengthened both our Balance Sheet and our human resources we must take care not to overstretch either of them.
"Externally I see the risk will be connected to occupancy costs as confidence returns to the sector. We are already seeing some worrying increases with some operators signing up to very high rental levels in London in particular."
