National pub company Red Oak Taverns has announced it will complete on the purchase of 17 pubs from St Austell Brewery’s leased and tenanted estate.
Red Oak Taverns, which comprises 212 mainly leased and tenanted pubs will complete the deal at the end of October.
The deal includes sites across the Southwest company’s estate in Cornwall, Devon and Somerset.
Red Oak’s premises are primarily concentrated in the Midlands, South, North West and South West of England. The business has already concluded several acquisitions this year from companies including Everards, McMullen’s and Marston’s.
The company will expand its South West presence with the purchase of the St Austell pubs.
Mark Grunnell, chief executive, Red Oak Taverns, who co-founded the business in 2011 with executive chairman, Aaron Brown, said: “We are delighted that St Austell Brewery, a fellow independent business with a rich history of running great pubs, chose to work with us in selling these assets. We’re committed to the continued growth of our pub portfolio and this package of acquisitions will further strengthen Red Oak’s presence in the south west region.
“It’s important to us that we ensure ongoing consistency for pub guests and our new tenants, and I would like to thank Kevin and the team at St Austell Brewery for working positively with us to effect a smooth transfer for these community assets. We’re looking forward to working in partnership with all 17 of our new licensees in this exciting new chapter, providing ongoing support to help their businesses thrive.”
Kevin Georgel, chief executive, St Austell Brewery added: “Red Oak Taverns is a committed and respected operator, with a growing pub estate and a strong track record of running successful wet-led community pubs. We’ve been working very closely with the team in the last couple of weeks to ensure a smooth transition for our licensees.
“Unlocking the full potential of our pub estate is a priority for us, as we continue to develop our business for the future. As part of our commitment to ongoing investment and growth, we are continuing to proactively manage our estate, aligned to our refreshed and focused strategy. This means ensuring all our pubs have a strong alignment with our long-term plans and continue to fit our focus in terms of market and consumer positioning.
“As a business, which is committed to supporting its tenanted partners and investing in its pubs, we are confident that Red Oak is the best possible custodian for these pubs and will ensure their ongoing success.”