Red Oak buys pub portfolio from Wells & Co
Red Oak Taverns has acquired its second pub package of the year, 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, says: “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, says “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 adds: “Following this acquisition we are finalising terms for additional capital of GBP35 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.