National pub company Red Oak Taverns has snapped up 18 pubs from Wiltshire brewery chain Wadworth and aims to use it as a springboard for further growth.
The group of 18 leased and tenanted pubs are all located across the south and south-west of England, strengthening the group’s presence in the area and bringing its estate to 179 pubs across the UK.
Mark Grunnell, co-founder of Red Oak Taverns, said: “We believe that the pubs and the licensees will benefit from Red Oak’s flexible approach to operating leased and tenanted pubs and from the £1m of investment we have planned for the acquired portfolio.
“Our focus has already turned to building the strong relationships with our new tenant partners that are required to preserve the sustainability of these great British assets and the invaluable contribution they make to our communities.”
London-based Red Oak Taverns is approaching its eighth anniversary and still in its “infancy”, according to Mr Grunnell. But he said the acquisition is a sign that the company is planning for the long term.
“We have built a strong platform, have a clear strategy and look forward to growing our business substantially over the coming years,” he said.
Chris Welham, chief executive of Wadworth, commented: “We are delighted to confirm a sale has been agreed to Red Oak Taverns. The sale has involved all parties working closely together to cause minimal disturbance to the tenants and their business.”
The sale was handled by specialist business property adviser Christie & Co.