Oakman Inns has reported a strong start to its new financial year and the forthcoming exit of chief financial officer Joseph Evans.
Like-for-like sales increased by 5.1% for the 13 weeks to 29 September 2019, while total sales reached £10.9m, marking a 15.7% increase on the same period last year.
The pub company opened one new pub in Q1. The Lost Boy in Farnham, Surrey. is achieving sales of around £40,000 per week, which Oakman reported was higher than expectations.
Oakman’s latest trading update also announced that CFO Joseph Evans will leave the business next year.
Peter Borg-Neal (pictured), chief executive and company founder, said: “Since joining as CFO in February 2014, Joseph has been at the heart of the Oakman Inns’ success story.
“When he joined Oakman, we had seven pubs and sales of just over £10m but, like all growing businesses, we faced a huge array of challenges, which Joseph helped see us through. He has been a huge part of building what we have today – a thriving business with an amazing culture that will soon boast a turnover in excess of £50m.”
Evans added: “I told Peter when I joined that, having been in a big corporation during the formative years of my career, I wanted to spend the next five years with him learning about the realities of life at the sharp end of business.
“In return I committed to helping him build Oakman into a market-leading company. I think both sides of the bargain have been delivered and I am ready for my next challenge.”
This year saw a number of new appointments to the Oakman leadership team, including Michelle Farrell as sales and marketing director, Steve Kenee as chief investment officer and Dermot King as chief operating officer.