Oakman Inns & Restaurants has secured additional finance from Santander UK as part of the Coronavirus Business Interruption Loan scheme (CBILS) to help the business through the current Covid-19 pandemic.
Oakman opened its first establishment in Tring in 2007 and has since grown to 25 pubs across the West Midlands and South East.
Liquidity has been one of the biggest challenges facing businesses during these unprecedented times and the funding will strengthen Oakman’s cashflow position, allowing it to secure 1,000 jobs.
Steven Kenee, chief investment officer at Oakman Inns, said: “While the enforced closure was incredibly tough for all our team, we are delighted to have secured the funding from Santander which, when combined with the ongoing support from our shareholders, the recent government initiatives and an excellent start to trade has put the business in a very strong position from which to both weather any future shocks and, importantly, to continue to grow.”
Paul O’Reilly, portfolio management at Santander UK, said: “The hospitality sector, more than most, has felt the damaging economic effects of Covid-19. We are delighted to support Oakman Inns & Restaurants with this much needed cash flow facility to ensure the business remains on a strong financial footing and can continue to grow.”