Red Oak Taverns has acquired a portfolio of 18 pubs from Wiltshire-based brewer and pub operator Wadworth & Company.
The nationwide group of 179 pubs has tapped into a £10m acquisition facility arranged with OakNorth bank last year as part of a wider £42m refinancing of the business to buy the pubs.
Since its launch in 2011, Red Oak Taverns has established a track record for breathing life back into pubs that have been run-down or fallen into disrepair. Led by co-founders Aaron Brown and Mark Grunnell, the company now has 179 sites across all areas of the UK, including 61 in the South West, 44 in the North West, 26 in the Midlands, 23 in South East, 18 in the North East, five in Wales and two in Scotland.
Mark Grunnell and Aaron Brown, co-founders Red Oak Taverns, commented: “We are delighted to have secured this quality portfolio of pubs from Wadworth. We believe the pubs and the licensees will benefit from Red Oak’s flexible approach to operated leased and tenanted pubs and from the £1m investment we have planned for the acquired portfolio. Having completed a successful refinance of our business with OakNorth last year, we knew they’d be the right partner to take this transaction forward and we’re grateful to Mo and the team for their ongoing support.”
