Six pubs close with 159 job losses as part of Oakman Inns’ administration

Six pubs have closed and 159 jobs have been lost after Oakman Inns entered administration this week.

 

PwC was appointed administrator to Oakman Inns and Restaurants and its development arm, Oakman Dev, on Monday (21 July).

 

It immediately sold 14 of the pub group’s sites to Upham Inns, which saved 531 jobs, but was unable to find a buyer for the remaining estate.

 

The Oakman Group was founded by Peter Borg-Neal, who opened its first pub, the Akeman in Tring, in 2007.

 

PwC said Oakman had been affected by challenging trading conditions, including the long-term impact of the Covid-19 pandemic closures, which had forced it to borrow additional funds to stabilise the business.

 

Post-pandemic, the administrator said high interest rates, rising food and energy costs and a decline in consumer confidence had reduced spending in Oakman’s pubs.

 

“These pressures have constrained profitability and growth, despite the group’s ongoing investment in its estate and efforts to retain its strong brand positioning in the premium dining market,” PwC said.

 

No viable offers were received for a share sale of either of Oakman’s two business arms, so PwC said selling off the business and its assets would provide the best return for creditors.

 

The administrator said it was working with the Redundancy Payments Service to ensure that those affected receive their statutory entitlements as soon as possible.

 

Ross Connock, joint administrator at PwC, said: “We are pleased to have entered into a contract for the sale of the majority of Oakman Inns and Restaurants to Upham Group. This encompasses the sale of one freehold property and the transfer of 13 leasehold sites, allowing the continued operation of these pubs and enabling them to continue to serve their communities. Most importantly, this sale sees the transfer of 531 staff members.

 

“It’s regrettable that six trading sites were not included in the sale, resulting in 159 redundancies. Our team of employee specialists are providing support to those affected during this challenging time.”

 

The six pubs that have closed are:

 

The Beech House, Watford, Hertfordshire

The George, Ludlow, Shropshire

The Grand Junction Arms, Tring, Hertfordshire

The Journeyman, Gerrards Cross, Buckinghamshire

The King’s Head, Chipping Ongar, Essex

The Navigation Inn, Lapworth, Warwickshire

 

As news emerged yesterday of the sale of 14 pubs to Upham Inns, the group’s executive chairman Kevin Todd, said: “We have been long-term admirers of the Oakman Inns pub estate and the quality of their team and their offer, ever since Peter Borg-Neal founded the group back in 2007.

 

“We look forward to welcoming the new team into our family and working together to create an exciting premium pub group, now with 30 fabulous locations. Upham Inns are currently in southern locations, and this deal extends our coverage into the Midlands and the south-east.”

 

The pubs transferring to Upham Inns are:

 

The Beech House, Amersham

The Beech House, Beaconsfield

The Beech House, Solihull

The Beech House, St Albans

The Betsey Wynne, Swanbourne

The Four Alls, Welford on Avon

The Kings Arms, Berkhamsted

The Lost Boy, Farnham

The Navigation Inn, Cosgrove

The Old Post Office, Wallingford

The Penny Farthing, Berkhamsted

The Red Lion, Water End

The Three Locks, Stoke Hammond

The Woburn, Woburn

 

Upham Inns is a collection of countryside inns in Hampshire, Winchester, Warminster and Ascot.

 

In May, following speculation of a sale, Oakman disposed of 10 freehold pubs to the Restaurant Group’s Brunning & Price in a deal believed to be worth “somewhere between £50m and £100m”, according to Sky News.

 

In February 2024 Oakman relinquished its management contract of the Seafood Pub Company, the chain it saved from administration in 2021.

 

Last November, it sold two of its pubs to McMullen’s amid plans for fresh investment following a review of its strategic options.

 

Oakman has been contacted for comment.