Posh commuter belt pub chain falls into administration and shuts six sites
The Berkhamsted, Hertfordshire–based chain, which largely operates in Hertfordshire, Buckinghamshire and the Midlands, struggled to recover from enforced closures and restricted trading during the Covid pandemic.
The firm's closure has also been put down to rising energy and food costs, as well as a reduction in customer spending.
The upmarket Oakman Inns chain was founded by Peter Borg–Neal in 2007.
The chain's development arm, Oakman Dev has also entered administration.
As a result of the insolvency, six sites have been closed permanently, with 159 staff losing their jobs in the process.
However, 13 of the chain's leasehold locations and one freehold property were sold to Uphams Inns, with 531 jobs set to be transferred along with the sites to the new owner.
Kevin Todd, executive chairman of Upham Inns, said: 'We have been long term admirers of the Oakman Inns pub estate and the quality of their team and their offer…
'We look forward to welcoming the new team into our family and working together to create an exciting premium pub group, now with 30 fabulous locations.'
PwC, appointed as its administrators, said no acceptable offers were received for the sale of the whole business, despite 'an open and comprehensive marketing process,' and it was deemed that a part sale was the best way to maximise returns for creditors.
In May, Wagamama owner The Restaurant Group, was in talks to buy a chunk of the Oakman Inns' portfolio of some 30 sites.
Ross Connock, joint administrator at PwC, said: 'It's regrettable that six trading sites were not included in the sale, resulting in 159 redundancies. Our team of employee specialists are providing support to those affected during this challenging time.
'The hospitality sector continues to face significant and persistent challenges, including a reduction in customer numbers, which has been driven by changing consumer habits and broader economic pressures.'
'In addition, operators are contending with rising operating costs, such as increased energy prices, higher food and beverage costs, and wage inflation.'
Brewdog announced earlier this week that it would close 10 locations, including its flagship bar in Aberdeen, putting around 100 jobs at risk. The bars will close on 26 July.
The six Oakman sites that have closed are:
• Grand Junction Arms, Tring, Hertfordshire
• Beech House, Watford, Hertfordshire
• Journeyman, Gerrards Cross, Buckinghamshire
• King's Head, Chipping Ongar, Essex
• Navigation Inn, Lapworth, Warwickshire
• The George Inn, Ludlow, Shropshire
Meanwhile, Upham Inns will take over these 14 locations:
• The Penny Farthing, Berkhamsted, Hertfordshire
• The Beech House, St Albans, Hertfordshire
• The Betsey Wynne, Swanbourne, Buckinghamshire
• The Three Locks, Stoke Hammond, Buckinghamshire
• The Red Lion, Water End, Hertfordshire
• The Beech House, Solihull, West Midlands
• The Beech House, Beaconsfield, Buckinghamshire
• The Beech House, Amersham, Buckinghamshire
• The Lost Boy, Farnham, Hampshire
• The Kings Arms, Berkhamsted, Hertfordshire
• The Woburn, Woburn, Bedfordshire
• The Old Post Office, Wallingford, Oxfordshire
• The Four Alls, Welford on Avon, Warwickshire
• The Navigation Inn, Cosgrove, Northamptonshire
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