Red Oak Taverns has acquired its second pub package in 2021, increasing its estate to 190. The package of ten leased and tenanted pubs, acquired from regional family brewer, Wells & Co are all based in the Bedfordshire, Buckinghamshire and Northamptonshire areas.
Co-founder and Chief Executive of Red Oak, Mark Grunnell said, “We are delighted to secure a further portfolio of quality pubs to join our business. These pubs are a mix of rural destination food venues and community pubs which are a perfect match for our business and we look forward to welcoming the tenants and their teams to Red Oak Taverns ”.
Peter Wells, Managing Director of Wells & Co said “We’re pleased to have found an excellent custodian for these pubs in Red Oak. We’ve worked closely with the Red Oak team to ensure the handover is as seamless as possible and I’m confident these businesses will thrive under Red Oak. The sale enables us to focus on growing our Managed sites both in the UK and France whilst leaving us with a quality portfolio of 170 tenanted pubs.”
Grunnell added, “Following this acquisition we are finalising terms for additional capital of £35 million to take advantage of immediate investment opportunities. The pandemic has in some part slowed our plans but with the additional funding and an established and focused team, we are ready to take our business through the next phase of its evolution”.
Wells & Co were advised by Simon Chaplin of Christie & Co during the sale.
ENDS
Notes to editors:
Background Red Oak Taverns
Founded in 2011 by Aaron Brown and Mark Grunnell, Red Oak Taverns is an entrepreneurial national pub company which comprises 190 mainly leased and tenanted pubs. The Company is privately-owned by its co-founders and a small number of like-minded individual investors. The pub estate is mainly concentrated in the South, South West, North West and the Midlands. Red Oak Taverns prides itself on its flexible partnerships with its Tenant Partners with the aim of developing long-lasting relationships.
Further details can be found on the Company’s website: www.redoaktaverns.com
Background Wells & Co
Wells & Co, founded in 1876, are an independent fifth generation family brewer based in Bedford. They have recently completed building their new brewery, Brewpoint which opened in October 2020. The pub estate is consists of around 170 tenanted & leased pubs (situated largely within 60 miles of Bedford), with around 20 managed sites in the UK and 17 in France.
Further details can be found on the Company’s websites; www.wellsandco.com and www.brewpoint.co.uk
Press release from Darls Communications on behalf of Red Oak Taverns
For further press information on Red Oak Taverns contact:
Elaine Beckett; Darls Communications
Phone – 07802 782115
E-mail – elaine@darlscommunications.co.uk
For further press information on Wells & Co contact:
Storm Communications
020 7240 2444
Date of issue: 16 February 2021