Oakman sales grow despite ‘volatile' conditions
Oakman Inns & Restaurants has seen a 4.2% increase in like-for-like sales in the first half of the 2016/17 financial year, despite volatile weather conditions and a general sense of commercial unease.
The company, which runs 14 pubs in the South East, said the result for the 26 weeks to Sunday 2 October was "pleasing in the current environment".
Chief executive Peter Borg-Neal said: "The business has also done well regarding key ratios, a reflection of the ongoing benefits of strengthening our operations team over the past year. As a result, we are comfortably ahead of our profit budget for the half year. Whilst we are happy with our sales performance we have seen a degree of volatility in recent months. Much of this can be explained by the variable weather and assorted sporting events.
However, there is a general sense of commercial uncertainty and unease. The current trading environment is not for the faint-hearted, but we remain committed to our business plan."
Oakman Inns also indicated that the recently acquired Banyers House in Royston will open to the public on 2 December and was already seeing strong forward bookings.
It has also exchanged contracts on a substantial freehold property acquisition in central Olney and hopes to achieve completion within the next ten days.
The company has taken possession of the second site for the Hunky Dory Pubs partnership with Enterprise Inns, the Four Alls in Welford upon Avon, with a total refurbishment planned for the Spring of 2017.
Oakman said that the first Hunky Dory site, the Beech House in Solihull, which opened in August, was "trading well ahead of expectations". Further additions to both the Oakman pipeline, which already includes a major site in Amersham, and the one for Hunky Dory are expected in the coming weeks. These acquisitions will bring the number of sites in the Oakman group to 22 by June 2017.
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