Ashridge Capital invests further growth capital in Oakman

Ashridge Capital investee, Oakman Group, has raised £5.3m from existing shareholders to fund new sites and benefit from the improving trading environment.

For the 26 weeks to 1 January 2023, Oakman’s total sales were up 41.5% versus 2019, with like-for-like sales up 9.8%. In December, total sales versus 2019 were up 34.3%, with like- for-likes up 6.5%, while like-for-like sales versus 2021 were up 10.4% and ahead by 17.5% (VAT adjusted). For the year ending 3 July 2022, the group turned over £65.1m, up 79% on the previous year and 55.4% on 2018-19, the last full year before the pandemic.

Peter Borg-Neal, founder and CEO said: “ This is a critical time for the hospitality industry with a range of unique challenges never experienced simultaneously across so many areas. We must be agile and respond quickly to the extraneous pressures of supply, employment, energy, costs, taxation, environment and politics. I am confident that we have a team capable of meeting this myriad of challenges, we are extremely happy with the positioning of the business and have a pipeline of five new Oakman Inns sites that we intend to develop in the next 18 months.”