Major pub chain collapses into administration and closes six sites for good
Oakman Inns is based in Berkhamsted, Hertfordshire and operated several pubs across Bedfordshire, Buckinghamshire, Oxfordshire and the Midlands.
But a fall in customer numbers and rising costs has forced the business to close six of its pubs and sell off 14 more.
The sale to Upham Group Limited, a pub and brewery company based in the South Downs, managed to save 531 jobs as all employees were transferred to the new owners as part of the sale.
However, the closure of six sites has led to 159 job losses.
The administration process is being managed by PwC, and joint administrator Ross Connock said: 'We are pleased to have entered into a contract for the sale of the majority of Oakman Inns & Restaurants Ltd to Upham Group Limited.
'This encompasses the sale of one freehold property and the transfer of 13 leasehold sites, allowing the continued operation of these pubs enabling them to continue to serve their communities.
'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.'
Oakman Inns was founded in 2007 by entrepreneur Peter Borg-Neal.
These six pubs have been shut down after Oakman Inns went into administration: Beech House, Watford, Hertfordshire
Grand Junction Arms, Tring, Hertfordshire
King's Head, Chipping Ongar, Essex
Navigation Inn, Lapworth, Warwickshire
Journeyman, Gerrards Cross, Buckinghamshire
The George Inn, Ludlow, Shropshire
These pubs have now been taken over by Upham Group: The Three Locks, Stoke Hammond, Buckinghamshire
The Beech House, Amersham, Buckinghamshire
The Beech House, Beaconsfield, Buckinghamshire
The Beech House, Solihull, West Midlands
The Beech House, St Albans, Hertfordshire
The Betsey Wynne, Swanbourne, Buckinghamshire
The Four Alls, Welford on Avon, Warwickshire
The Kings Arms, Berkhamsted, Hertfordshire
The Lost Boy, Farnham, Hampshire
The Navigation Inn, Cosgrove, Northamptonshire
The Old Post Office, Wallingford, Oxfordshire
The Penny Farthing, Berkhamsted, Hertfordshire
The Red Lion, Water End, Hertfordshire
The Woburn, Woburn, Bedfordshire
PwC says the pub chain was affected by 'the long-term impact of the Covid-19 pandemic', with long periods of closure and restricted trading rules forcing the company to borrow more money. More Trending
It was also impacted by 'including elevated interest rates, cost inflation across key inputs such as food and energy, and a temporary decline in consumer confidence affecting discretionary spending'.
Kevin Todd, executive chairman of Upham Inns which bought 14 of the Oakman Inns pubs, 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.
'Upham Inns are currently in southern locations, and this deal extends our coverage into the midlands and south east.'
Get in touch with our news team by emailing us at webnews@metro.co.uk.
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