The Restaurant Group (TRG), owner of the Wagamama brand, has purchased 10 freehold pubs from Oakman Inns, a pub and restaurant chain, amid earlier rumours of a sale.
Yesterday’s Sky News report revealed that TRG was in “advanced discussions” to acquire certain assets from Oakman’s privately held company.
Industry sources told Sky News that Oakman and its advisers were negotiating with other potential buyers. One source suggested that TRG is expected to acquire between one-third and half of Oakman’s 30-pub portfolio, which would be incorporated into its Brunning & Price division.
TRG has since confirmed that the ten pubs acquired from Oakman will be integrated into its Brunning & Price division, describing the move as a “significant strategic opportunity” for the business.
Chief executive of TRG, Andy Hornby, said: “Expanding our pub estate is a major strategic priority for us and we are delighted to have this opportunity to add ten high quality freehold pubs to our portfolio. We are confident that the Brunning & Price team, under Mary Willcock’s leadership, will provide an excellent home for the hard-working teams from Oakman.”
Mary Willcock, chief executive of Brunning & Price, added: “We have long admired Oakman Inns for the quality and character of their pubs and we are thrilled to welcome these pubs, and the dedicated teams behind them, into our B&P family.”
According to Sky News, the deal is estimated to be valued at between £50m and £100m.
TRG was acquired by private equity firm Apollo Global Management for £506m in December 2023, following a challenging year marked by disputes from activist shareholders over the company’s strategic direction and executive remuneration packages.
In September 2023, TRG revealed plans to divest its leisure division, agreeing to pay £7.5m to the Big Table Group to assume control of its Chiquito and Frankie & Benny’s brands.
The Oakman Group was established by Peter Borg-Neal, who launched its first site, the Akeman in Tring, in 2007. Today, the group runs approximately 30 pubs and hotels in rural and suburban locations across England, employing over 1,600 staff.