Oakman sets out expansion plans amid positive trading
Oakman also announced that it has completed a £29m refinance of its freehold estate with Cynergy Bank of £18m
The Oakman Group has announced it has plans to increase the size of its estate by 25% after securing what it believes is its “strongest ever pipeline of new sites”.
As part of the announcement the group also revealed a trading update for the 31 weeks ending 6 February, where it reported total sales (net of VAT) of £37.9m – a 74.3% growth over last year when the business was forced to close.
Compared to the same period two years earlier, it said this represents a total growth of 28.3% and like-for-like (same units) growth of 12.0%.
In addition, the company’s wet sales increased which, given the lower staff costs, it said will have a “disproportionately positive” impact on profits.
Oakman also announced that it has completed a £29m refinance of its freehold estate with Cynergy Bank of £18m.
Steven Kenee, chief investment officer, Oakman Group Plc, said: “I am delighted that we have been able to complete the refinance with Cynergy Bank who have proven to be a pragmatic and responsive partner over the past two years, and I am grateful for the faith and support they have shown the business.
“The transaction significantly reduces our cost of capital, simplifies our corporate structure, and further strengthens the foundations from which our ambitious plans for the group will grow.”
Finally, it announced that with immediate effect, the Oakman Group Plc board now consists of six members split into three executive directors, (Peter Borg-Neal, executive chairman, Dermot King, CEO and Kenee and three NEDs (John Leslie, non-executive vice-chairman, David Sherratt, non-executive director and Jane Bentall, non-executive director).
