PwC's Special Situations M&A team is pleased to announce that it has successfully advised Oakman Inns & Restaurants Limited and Oakman Dev Limited ("Oakman"), on the sale of its business and assets including a freehold property and 13 leasehold sites to Upham Group Limited (“Upham”).
Oakman is operator of a high-quality portfolio of pubs and restaurants across southern and central England. Oakman had 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. These pressures 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.
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. Despite a comprehensive and competitive 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.
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 sale of the trade and assets of 14 pubs, ensuring the continued operation of the pubs to continue to serve the community and preservation of employment for 531 employees.
Andrew Ritchie, PwC Special Situations M&A, said:
“We are pleased to have completed the sale of the business and assets of Oakman while navigating a complex situation. The transaction, delivered on an accelerated timetable, was only possible through a joined-up effort across our Special Situations M&A team and Restructuring practices, a committed management team and motivated buyers. The deal secures the future of the pubs and safeguards around 530 jobs, and provides continuity for employees and customers and preserves well-known pubs in local communities. We wish Upham and the team every success in the future.”
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 South East.”
The PwC Special Situations M&A team for these transactions was led by Andrew Ritchie, Richard Carter, George Pepper and Asha Sumner.
Ross Connock, Toby Banfield and Tom Crookham of PwC were appointed as Joint Administrators of Oakman Inns & Restaurants Limited and Oakman Dev Limited.
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