Pub group Oakman Inns & Restaurants has reported a 5.1% boost in like-for-like sales in its first quarter.
According to a trading update issued by Oakman Inns for the first quarter of the current financial year, like-for-like sales for the 13 weeks ending 1 July showed a 5.1% improvement, “an excellent result” given the “anomalous impact” of the Easter period on the Q4 figures.
Total sales for the period were, at £8.8m, on budget and showed an almost 35% increase on the previous year.
The group’s two sites that opened towards the end of last year, the Beech House in Amersham and the Cherry Tree in Olney, both in Buckinghamshire, are both averaging around £43,000 net of VAT per week.
The company’s most recent opening, the Four Alls in Welford-on-Avon, is also performing strongly with sales averaging around £40,000 net.
The opening of the group’s £10m Royal Foresters in Ascot has been delayed to 27 July due to the UK’s winter weather conditions earlier this year.
Oakman’s property director, Malcolm Schooling, said: “Unfortunately, the opening of our site in Ascot has been delayed as a result of the dreadful winter weather, despite our best efforts. However, it is a huge project, and the important thing is that we remain focused on getting every element of the design just right.”
Oakman has also completed the acquisition of the Polecat in Prestwood and has exchanged on a site in Farnham which will become an Oakman Inn named the Lost Boy; JM Barrie wrote Peter Pan while in Farnham.
Oakman Inns’ chief executive Peter Borg-Neal said: “We are delighted with our performance in the first quarter. Our core estate continues to respond to the huge efforts we are putting into evolving our offer and engaging our people. We have seen a degree of polarisation with some of our town centre sites in mild decline while destination sites with large gardens have performed well. But this is weather driven and will normalise as the year progresses.”
Borg-Neal founded the company in 2007 when he opened the Akeman in Tring, Hertfordshire. The group now has 22 all-day establishments across Berkshire, Buckinghamshire, Bedfordshire, Essex, Hertfordshire, Northamptonshire, Oxfordshire, Warwickshire and the West Midlands.
The group has sites in Farnham, Prestwood, Hampton Hill, Epsom, Wokingham, Buckingham and Hatfield opening over the next 18 months.