New kitchen initiatives – including a focus on better authentic pizza production – and continued investment in strategic openings has left Oakman Inns with a “real sense of momentum” in its business, the company’s CEO has said.
Sales for its latest quarter, ending 30 June, rose 5% on a like-for-like basis and 29% overall, taking its revenue to £10.7m for the period.
CEO and company founder, Peter Borg-Neal, said: “We are extremely pleased with this performance, in a period where we have been rolling over some tough comparables. Our moving annual sales total has now passed through the £40m mark, and we are in good shape, going into our new financial year.”
During the quarter, Oakman opened one new pub, The Polecat in Prestwood, and reopened The Beech House in Beaconsfield after a refurbishment and extension that doubled the size of the site. Both are performing ahead of expectation.
Oakman’s flagship site, The Royal Foresters in Ascot, continues to deliver impressive numbers, and sales exceeded £1m over the quarter.
Oakman has continued to bolster the strength of the leadership team with the recent appointments of Steve Kenee as chief investment officer following Dermot King’s arrival as COO.
Mr Borg-Neal said the firm was also seeing some of its operational projects pay dividends.
“We are enjoying a real sense of momentum in the business. The energy and new ideas that our new colleagues are bringing to the business will ensure that we continue to evolve and improve. Additionally, several key operational initiatives are beginning to bear fruit.
“For example, our ‘Project Esposito’ initiative has raised the quality of our authentic Neapolitan pizzas to the highest level and is ensuring that we can maintain and grow our reputation in a competitive market place, and also dominate the catchment areas where we are present.”
The company has opened six sites over the past 18 months and anticipates launching four more over the next year, led by the opening of The Lost Boy in Farnham in September.