Red Oak Taverns has acquired 19 tied tenanted pubs from Marston’s, the third transaction between the two companies in the last 15 months.
With this latest acquisition, Red Oak’s portfolio has now grown to 246 pubs.
The strategic acquisition brings the total number of pubs Red Oak has acquired from Marston’s to 26.
The previous two transactions involved free of tie pubs, with Red Oak flexibly running pubs on either a tied or free of tie basis.
The pubs are spread across locations such as a Worcester, Shrewsbury, York and Manchester.
Red Oak, which is financed by OakNorth Bank, said it remains well-capitalized and continues to actively seek further opportunities to expand its presence in the market through both portfolio and single-site acquisitions.
Founded by Mark Grunnell and Aaron Brown in 2011, the independent leased & tenanted pub company has completed numerous acquisitions in the last 18 months, including deals with St Austell, Everards and McMullens.
Mark Grunnell, co-founder and chief executive of Red Oak commented, “We are delighted to have completed the purchase of these high-quality pubs in a third successful deal with Marston’s. The ability to deliver, especially in times where the cost of capital is high, is crucial between any seller and buyer, and we have built a strong relationship with the Marston’s team.”
“I would like to extend a special welcome to those tenant partners transferring over to the Red Oak Taverns family. Initial welcome meetings have already been held, and we look forward to developing investment plans together in the coming weeks.”
Andy Kershaw, property director, Marston’s commented: “We are pleased to complete this sale to Red Oak in line with our stated strategic objectives whilst matching a good partner for the long-term futures of these pubs and their operators.”
The transaction was facilitated by Fleurets and Freeths LLP, acting for the buyer’s side, and Christie & Co and Deloitte Legal, who acted for the seller.
List of acquired pubs:
- Bakers Arms, Dorchester
- Berkeley Arms, Worcester
- Blacksmiths Arms, Quorn
- Bulls Head, Manchester
- Cricketers Arms, Holmfirth
- Cross Tree, Daventry
- Feathers, Lichfield
- Gate Inn, Ordsall near Retford
- Inn on the Marsh, Moreton in the Marsh
- Kings Arms, Horbury
- Minster Inn, York
- Monks Bridge, Stretton
- Red Lion, Little Haywood
- Round Oak, Wombourne
- Royal Oak, Malvern
- Star Inn, Tideswell
- Summerhouse, Sedgley
- Swan Inn, Worcester
- Wheatsheaf, Shrewsbury
