Red Oak Taverns have announced the completion of the purchase of a portfolio of 18 leased and tenanted pubs from Wadworth. The acquired pubs are all located in the south and south west of England and strengthen the strong regional focus of Red Oak’s existing estate, that with the acquisition now comprises 179 pubs.
Mark Grunnell, Co-founder of Red Oak Taverns said: “We are delighted to have secured this quality portfolio of pubs from Wadworth. We believe that the pubs and the licensees will benefit from Red Oak’s flexible approach to operating leased and tenanted pubs and from the £1m of investment we have planned for the acquired portfolio.
“Our focus has already turned to building the strong relationships with our new tenant partners that are required to preserve the sustainability of these great British assets and the invaluable contribution they make to our communities.”
Grunnell added, “Approaching the 8th anniversary of our formation, we are still in our infancy and planning for the long term. We have built a strong platform, have a clear strategy and look forward to growing our business substantially over the coming years.”
Chris Welham, Chief Executive of Wadworth commented: “We are delighted to confirm a sale has been agreed to Red Oak Taverns. The sale has involved all parties working closely together to cause minimal disturbance to the tenants and their business.”