Oakman Inns remains in buoyant mood after revealing this morning that first quarter sales for the 13 weeks to 1 July were up 5% year-on-year.
Total sales for the period reached £8.8m, representing a 35% increase on the previous year as it welcomed a number of new sites into its fold.
The entire group also set a new record with average sales per fully developed Oakman Inn hitting a high of £33,800 in Q1.
Two of its newest sites, the Beech House in Amersham and the Cherry Tree in Olney, are already averaging £43,000 net of VAT per week, while the company’s most recent opening, the Four Alls in Welford-on-Avon, is also performing strongly with sales averaging around £40,000 net.
All three are performing considerably better than the original investment target, according to the company.
Meanwhile, Oakman’s property director, Malcolm Schooling, confirmed that The Royal Foresters in Ascot will finally open at the end of this month after hold-ups.
“Unfortunately, the opening of our site in Ascot has been delayed as a result of the dreadful winter weather, despite our best efforts. However, it is a huge project, and the important thing is that we remain focused on getting every element of the design just right. When we open on July 27th we will be delivering an outstanding Oakman Inn that will justify the £10m investment we are making.”
Oakman has also completed the acquisition of The Polecat in Prestwood and has exchanged on a site in Farnham which will become an Oakman Inn named The Lost Boy in recognition of the town’s link with Peter Pan.
CEO Peter Borg-Neal said: “We are delighted with our performance in the first quarter. Our core estate continues to respond to the huge efforts we are putting into evolving our offer and engaging our people. We have seen a degree of polarisation with some of our town centre sites in mild decline while destination sites with large gardens have performed well. But this is weather driven and will normalise as the year progresses.”
He continued: “Our ambitious investment programme is continuing to produce excellent results with all of our last five major projects delivering in excess of their investment targets. Our pipeline continues to crystallise, and we look forward to opening in Farnham, Prestwood, Hampton Hill, Epsom, Wokingham, Buckingham and Hatfield over the coming 18 months.”