Oakman Inns has reported an 8.5% leap in like-for-like sales in the first half of the 2018/19 financial year with performance exceeding its forecasts.
The 26-weeks to 30 September saw total sales of £18.6m, growth of 37.4%. Like-for-like growth of 8.5% builds on the 6.8% growth seen in the 2017/18 financial year.
CEO and company founder, Peter Borg-Neal, said: “We have had an excellent first half to the year with significant progress on many fronts. We were delighted with our 8.5% like-for-like growth, but it is perhaps even more pleasing that it has been achieved without resorting to delivery or discounting – neither of which I am attracted to.
“Our new sites are performing well in excess of their investment targets with the Cherry Tree in Olney and the Beech House in Amersham averaging approximately £40,000 net over H1. Our largest investment to date, the Royal Foresters in Ascot, has been the real star, smashing our targets by averaging £83,000 net per week over its first ten weeks.
“During the first half of the 2018/19 financial year, the eighteen fully developed pubs in Oakman Inns that were open on day one of the financial year averaged £34,085. This strong position reflects the increased like-for-like sales growth as well as the fact that the newer larger pubs are performing strongly. With the opening of The Royal Foresters, Ascot this average sales number will increase further.”
Oakman Inns is continuing to expand, with five sites in the pipeline in Farnham, Wokingham, Buckingham, Epsom, and Hatfield.
Later this year the company will also look to develop a high-street offering that can be rolled out in retail units, called the Beech House. Borg-Neal said the new concept would allow the business to enter new markets and pursue projects that can be developed more quickly and at a lower cost than its traditional sites.