LONDON, 30th May 2024 – Red Oak is pleased to announce the acquisition of 19 tied tenanted pubs from Marston’s, marking the third transaction between the two companies in the last 15 months. With this latest acquisition, Red Oak’s portfolio has now grown to 246 pubs.
This strategic acquisition further strengthens Red Oak’s relationship with Marston’s, bringing the total number of pubs acquired from them to 26. Notably, the previous two transactions involved free of tie pubs, showcasing Red Oak’s unique approach to flexibly running pubs on either a tied or free of tie basis.
Mark Grunnell, Co-founder and Chief Executive of Red Oak commented, “We are delighted to have completed the purchase of these high-quality pubs in a third successful deal with Marston’s. The ability to deliver, especially in times where the cost of capital is high, is crucial between any seller and buyer, and we have built a strong relationship with the Marston’s team.”
Further, Grunnell extended a warm welcome to the tenant partners transferring over to Red Oak, emphasizing the company’s commitment to collaboration and investment. “I would like to extend a special welcome to those tenant partners transferring over to the Red Oak Taverns family. Initial welcome meetings have already been held, and we look forward to developing investment plans together in the coming weeks” he added.
In response to the acquisition, Andy Kershaw, Property Director, Marston’s commented: “We are pleased to complete this sale to Red Oak in line with our stated strategic objectives whilst matching a good partner for the long-term futures of these pubs and their operators.”
Red Oak remains well-capitalized and continues to actively seek further opportunities to expand its presence in the market through both portfolio and single-site acquisitions.
The transaction was facilitated by Fleurets and Freeths LLP, acting for the buyer’s side, and Christie & Co and Deloitte Legal, who acted for the seller.
Red Oak Taverns was founded by Mark Grunnell and Aaron Brown in 2011 and is an independent leased & tenanted pub company. It has completed numerous acquisitions in the last 18 months including deals with family brewers St Austell, Everards and McMullens.
Ends
Notes to Editor:
List of acquired pubs:
Bakers Arms, Dorchester |
Berkeley Arms, Worcester |
Blacksmiths Arms, Quorn |
Bulls Head, Manchester |
Cricketers Arms, Holmfirth |
Cross Tree, Daventry |
Feathers, Lichfield |
Gate Inn, Ordsall near Retford |
Inn on the Marsh, Moreton in the Marsh |
Kings Arms, Horbury |
Minster Inn, York |
Monks Bridge, Stretton |
Red Lion, Little Haywood |
Round Oak, Wombourne |
Royal Oak, Malvern |
Star Inn, Tideswell |
Summerhouse, Sedgley |
Swan Inn, Worcester |
Wheatsheaf, Shrewsbury |
Pictured: Bakers Arms, Dorchester
Background Red Oak Taverns
Founded in 2011 by Aaron Brown and Mark Grunnell, Red Oak Taverns is an entrepreneurial national pub company which comprises over 245 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
For further press information on Red Oak Taverns contact:
Elaine Beckett
Phone – 07802 782115
E-mail – elaine.beckett@outlook.com
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