PwC advises Oakman Group Plc on the sale of 10 freehold assets to Brunning & Price, part of The Restaurant Group
PwC's Special Situations M&A team is pleased to announce that it has successfully advised Oakman Group Plc and its trading subsidiaries ("Oakman"), on the disposal of 10 freehold assets to Brunning and Price (“B&P”), part of The Restaurant Group (“TRG”).
Oakman is an operator of a premium portfolio of pubs and restaurants across southern and central England. The Group had been affected by challenging trading conditions, predominantly because of the impact of the COVID-19 pandemic which led to significant periods of closure and restricted trading. Post-pandemic the business faced sector-wide macroeconomic challenges. These pressures constrained profitability and growth leading to Oakman seeking to strengthen its balance sheet.
Oakman appointed PwC's Special Situations M&A team to explore a sale of the Group, with the objective of recapitalising the business to provide a platform for future profitability. The sales process resulted in the sale of 10 freehold assets to B&P on 19 May 2025, which enabled Oakman to focus on its retained estate of 19 leasehold sites and strengthen its balance sheet.
PwC provided comprehensive support throughout the process, assisting with the navigation of an accelerated sales process, facilitating negotiations with prospective buyers, and managing due diligence, culminating in the successful disposal of 10 freehold assets.
Andrew Ritchie, Special Situations M&A, said:
“We are delighted to have advised Oakman on this transaction, which, delivered on an accelerated timetable, required a multidisciplinary approach and our comprehensive support covered M&A, tax and financial modelling. We bring a collaborative, hands-on approach to engagements like this, underscoring our commitment to helping clients navigate complex issues and realise their strategic goals. We congratulate the new owners and wish them every success in the next chapter of growth.”
John Leslie, Chair of Oakman, said:
“Oakman has been working hard to enhance the long-term success of the business, and we are confident that TRG will be excellent owners of these great sites. TRG’s track record with Brunning and Price gives us every confidence in their stewardship, and we believe these sites and the great people who work in them, will continue to thrive under their care.”
Andy Hornby, CEO of TRG, said:
“Expanding our pub estate is a major strategic priority for us and we are delighted to have this opportunity to add ten high quality freehold pubs to our portfolio. We are confident that the Brunning & Price team, under Mary Willcock’s leadership, will provide an excellent home for the hard-working teams from Oakman.”
Mary Willcock, CEO of Brunning & Price, said:
“We have long admired Oakman Inns for the quality and character of their pubs and we are thrilled to welcome these pubs, and the dedicated teams behind them, into our B&P family.”
The PwC Special Situations M&A team for these transactions was led by Andrew Ritchie, Richard Carter, George Pepper, Ella Davis, Asha Sumner and Celine Aboagye.
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