The Oakman Group said today it was “not unduly worried” by the impact of Plan B restrictions on its business even though it has seen corporate bookings cancelled.
The 36-strong company said the downturn in larger bookings was increasingly being replaced by smaller, family bookings for Christmas.
It does not expect to be negatively impacted by the government tightening Covid measures and continues to forecast year-end sales of £64m.
CEO Dermot King said: “We are not unduly concerned by the Plan B restrictions. Our pubs are very safe places due to the modern ventilation systems we have installed, and our super-fast broadband is ideal for those choosing to work from home.
“Although we have seen some corporate bookings cancelled, they are being rapidly replaced by smaller, family bookings and I expect Christmas trading to be very strong.”
Mr King said Oakman was heading into the festive period in good shape having generated sales of £26m for the four months to the beginning of December, which represents 16% like-for-like growth on 2019 figures.
Since the start of the pandemic, Oakman has added nine new sites consisting of six Seafood Pubs, The Grand Junction at Bulbourne near Tring, The Woburn (in Woburn) and The Rose in Wokingham. These sites took the total number from 27 to 36.
Oakman is on-site in Buckingham where it is restoring the traditional name to The Grand Junction Arms ahead of its launch next spring.
Further new sites will open in 2022 with planning permission secured for Watford, Epsom and Ludlow.
The company has also acquired a freehold site in Harpenden and has applied for planning permission to develop a three-storey pub, to be named Kingston House, featuring a spectacular roof terrace.
Negotiations are at an advanced stage for a site in Gerrards Cross and for further locations in Oxfordshire, Hertfordshire and Lancashire.
Work will also start next year on a major project, Bush Hall in Old Hatfield, which will complete in 2023.
Executive chairman, Peter Borg-Neal, said the company plans to have 70 sites open by June 2026.
“We have by far the best pipeline we have ever had and are looking forward to the future with great confidence. All our new sites are performing ahead of expectation. I am particularly pleased with The Rose in Wokingham. I think it is one of the best developments we have ever done and its stellar performance since opening is proof that the good people of Wokingham agree.
“However, it is not just about the new sites. Our core estate continues to deliver big numbers with reassuring regularity. To see sites such as The Akeman in Tring and The Kings Arms in Berkhamsted, that are over ten years old, deliver sales in excess of £50k during November is not only heart-warming but also evidence of the longevity of our business.”
