Oakman Inns and Restaurants Limited and Oakman Dev Limited (both in administration) – enter into sale of freehold property and 13 leasehold sites to Upham Group Limited

Ross Connock, Toby Banfield and Tom Crookham of PwC have been appointed as Joint Administrators of Oakman Inns & Restaurants Limited and Oakman Dev Limited together the “Companies”. On appointment, the Joint Administrators entered into a contract for the sale of freehold property and 13 leasehold sites to Upham Group Limited. The transaction includes the transfer of 531 employees. A full list of the sites transferred can be found at the end of this release. Six operational sites have regrettably ceased trading with 159 redundancies.

Oakman Inns & Restaurants Limited is the operator of a high-quality portfolio of pubs and restaurants. across southern and central England. The Companies have been affected by challenging trading conditions, predominantly because of the long-term impact of the COVID-19 pandemic, which led to significant periods of closure and restricted trading. These disruptions necessitated additional borrowings to stabilise the business and preserve its operational footprint.

Post-pandemic, the business has continued to face sector-wide macroeconomic challenges, including elevated interest rates, cost inflation across key inputs such as food and energy, and a temporary decline in consumer confidence affecting discretionary spending. These pressures have constrained profitability and growth, despite the Group’s ongoing investment in its estate and efforts to retain its strong brand positioning in the premium dining market.

Despite an open and comprehensive marketing process, no viable offers were received for a share sale of either company. As a result, the sale of the business and assets was determined to be the most effective route to maximise returns for creditors as a whole. The administrators are working closely with the Redundancy Payments Service (RPS) to ensure that those affected receive their statutory entitlements as soon as possible. 

Ross Connock, joint administrator at PwC 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 Most importantly, this sale sees the transfer of 531 staff members. 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.”

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, ever since Peter Borg-Neal founded the group back in 2007. 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 Southeast."

-Ends-

Notes to Editors: 

List of transferring sites: 

The Three Locks, Stoke Hammond

The Beech House, Amersham

The Beech House, Beaconsfield

The Beech House, Solihull

The Beech House, St Albans

The Betsey Wynne, Swanbourne

The Four Alls, Welford on Avon

The Kings Arms, Berkhamsted

The Lost Boy, Farnham

The Navigation Inn, Cosgrove

The Old Post Office, Wallingford

The Penny Farthing, Berkhamsted

The Red Lion, Water End

The Woburn, Woburn