Red Oak Taverns has credited a £15m acquisition facility from OakNorth Bank with helping it to sustain its ‘buy and build’ strategy irrespective of the turbulence the sector has faced.
Since its launch in 2011, the group has established a track record for investing heavily in its pubs as well as offering flexible lease terms to its tenant partners in order to provide the best pub amenities it can to the communities that it serves.
Co-founders Aaron Brown and Mark Grunnell, who have grown the company to 201 sites across the UK, recently used capital from OakNorth Bank to acquire nine pubs from Hall & Woodhouse situated across the South East of England.
The deal represents Red Oak Taverns’ third pub portfolio acquisition of 2021, following the purchase of three pubs in the West Midlands from Reclamation Inns in January and 10 tenanted pubs from Wells & Co in March.
Mr Grunnell 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.
“The commitment to growing our business remains undiminished by the pandemic, something that has been mirrored by OakNorth Bank’s willingness to continue supporting the hospitality sector through cycle.
“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.”