Oakman Inns insists its business remains in good shape after sales during the last three months rose 16% – and 5% on a like-for-like basis – to £10.9m.
Towards the end of the quarter, Oakman opened one new pub, The Lost Boy in Farnham, which it said is trading ahead of expectation at circa £40,000 per week.
CEO and company founder, Peter Borg-Neal, said the company was continuing to improve and grow despite the tough trading environment.
“Our recently opened sites are trading strongly, and we are particularly delighted with the performance of The Lost Boy in Farnham, which has operated well ahead of expectations since it opened five weeks ago.
“However, it is the performance of our core estate that I am particularly proud of. Having sites that are a decade old still in growth demonstrates how robust our proposition is and what a strong team Oakman Inns has playing for it.”
Mr Borg-Neal used the trading update to announce that company stalwart Joseph Evans will leave the business next year.
He said: “I very much regret that my friend and colleague, Joseph Evans, has announced his decision to leave Oakman Inns in 2020. Since joining as CFO in February 2014, Joseph has been at the heart of the Oakman Inns’ success story.
“When he joined Oakman, we had seven pubs and sales of just over £10m but, like all growing businesses, we faced a huge array of challenges, which Joseph helped see us through. He has been a huge part of building what we have today – a thriving business with an amazing culture that will soon boast a turnover in excess of £50m.”
Oakman has continued to bolster the strength of the leadership team with the recent appointment of Michelle Farrell as marketing director.
Mrs Farrell has an impressive background covering 10 years in the sector including spells at Novus Leisure, Intertain and JD Wetherspoon. Her arrival follows that of Steve Kenee as chief investment officer and Dermot King as chief operating officer earlier in the year.