Red Oak Taverns acquires 9 new sites amid £15m funding
The company launched in 2011 and since then it has grown to operate 201 sites across the UK
Red Oak Taverns has announced that it has acquired nine pubs from Hall and Woodhouse situated across the South East of England in September 2021.
This represents the third pub portfolio acquisition of 2021, following the purchase of three pubs in the West Midlands from Reclamation Inns in January and ten tenanted pubs from Wells and Co in March.
The company launched in 2011 and since then it has grown to operate 201 sites across the UK.
The pubs were bought using capital from a £15m acquisition facility by OakNorth Bank.
Mark Grunnell, co-founder and chief executive of Red Oak Taverns, said: “Our acquisitions this year have highlighted our commitment to growing a quality pub estate throughout the UK by working with pub owners and family brewers in a professional and diligent way.
“As has been the case with previous loans we have taken from the bank, the team operated with speed, transparency and an entrepreneurial mindset. This is why we keep returning to OakNorth Bank for capital – the experience is first class.”
Mohith Sondhi, senior director of debt finance at OakNorth Bank, added: “Red Oak Taverns has been an excellent borrower since we first lent to them in March 2017. Through the period, they have managed their business incredibly well and worked extremely closely with all key stakeholders, in particular with their tenants.
“They saw the Hall and Woodhouse portfolio as a unique opportunity to continue to strengthen their business and re-emphasise their buy and build strategy even during these difficult times, so requested our support and we were delighted to provide additional funding to further their growth.’’
