Oakman Inns and Restaurants saw turnover increase by more than 20% in the 12 months to April 2017 despite a weak sterling and “the ever-increasing burden of taxation”.
The company reported a turnover of £23.3m, with like-for-like sales up 3.5% across the group’s 16 sites open at the end of the financial year.
Reporting that turnover had grown by 20.4%, Oakman Inns’ CEO and founder, Peter Borg-Neal (pictured), said: “2016/17 was a good year for us.
“As well as achieving strong sales and profit growth we were able to raise considerable sums and to build an exciting pipeline.
“Like everybody else we have been negatively impacted by the weakness of sterling and the ever-increasing burden of taxation.
“However, we have genuine momentum within the business and the current year is also going very well.”
In 2017 Oakman opened sites in Solihull, West Midlands; and Royston, Hertfordshire.
Further expansion is planned for 2018 with the Royal Foresters pub in Ascot, Berkshire, planned to open this summer following an extensive refurbishment.
Since April, Oakman has acquired three more sites with a further three already under construction.
On top of this the company is involved in negotiations to acquire seven more venues.
Oakman has also reported like-for-like growth of 5.9% over the four-week Christmas period ending 31 December 2017, despite snow fall hitting sales.
For the 39 weeks ending 31 December 2017 Oakman reported that like-for-like sales growth stood at 6.6%.
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