Wed, 25 Oct 2023 | BUSINESS SALE
Red Oak Taverns has announced that it is set to acquire 17 pubs from St Austell Brewery’s leased and tenanted portfolio, significantly expanding its presence in the South West of England. Following the announcement of the deal, Red Oak has reaffirmed its commitment to continuing to grow through acquisitions.
So far this year, Red Oak has acquired pubs from companies including Marston’s, Everards and McMullen’s. These deals have helped the firm build a portfolio of 212 mainly leased and tenanted pubs, concentrated around the Midlands, South, North West and South West of England.
The acquisition of the St Austell pubs is set to complete next week (October 31) and adds sites across Cornwall, Devon and Somerset. Notable pubs in the portfolio include the White Hart in Launceston, the Rolle Quay in Barnstaple and the Four Lords in Par.
Red Oak Taverns co-founder and Chief Executive Mark Grunnell commented: “We are delighted that St Austell Brewery, a fellow independent business with a rich history of running great pubs, chose to work with us in selling these assets. We’re committed to the continued growth of our pub portfolio and this package of acquisitions will further strengthen Red Oak’s presence in the South West region.”
Kevin Georgel, St Austell Brewery Chief Executive, added: “Red Oak Taverns is a committed and respected operator, with a growing pub estate and a strong track record of running successful wet-led community pubs. We’ve been working very closely with the team in the last couple of weeks to ensure a smooth transition for our licensees.”
The sale of the portfolio of pubs to Red Oak Taverns follows St Austell Brewery’s acquisition of The Bath Pub Company last month, in a deal that added four pubs to the firm’s estate.
Commenting on St Austell’s ongoing growth strategy, Kevin Georgel continued: “Unlocking the full potential of our pub estate is a priority for us, as we continue to develop our business for the future. As part of our commitment to ongoing investment and growth, we are continuing to proactively manage our estate, aligned to our refreshed and focused strategy. This means ensuring all our pubs have a strong alignment with our long-term plans and continue to fit our focus in terms of market and consumer positioning.”
“As a business, which is committed to supporting its tenanted partners and investing in its pubs, we are confident that Red Oak is the best possible custodian for these pubs and will ensure their ongoing success."
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