Fri 11th Apr 2025 - Exclusive: Oakman appoints advisors to review options Exclusive – Oakman appoints advisors to review options: Oakman Group has appointed advisors to aid the circa 30-strong pub and restaurant company with its options, which could include a restructuring of the business, Propel has learned. Propel understands that Oakman is working with PwC on its options under the name Project Firestone. It is thought a sales document has been circulated to would-be suitors over the past ten days, with yesterday (Thursday, 10 April) being a deadline for bids. It is understood that if no acceptable offers are forthcoming, the company will look at a possible restructuring, including a refinancing of its circa £65m debt. It comes as Propel understands that Oakman founder and chief executive Peter Borg-Neal has recently stepped away from the business for personal reasons, with chairman John Leslie leading the company at present. Last November, Oakman sold two freehold pubs to brewer and retailer McMullen’s with the proceeds set to allow the repayment of debt together with providing the business additional capital to invest in its existing estate. The sale of the two pubs – The Rose in Wokingham, Berkshire, and The Polecat in Prestwood, Buckinghamshire – followed a review of strategic options available to Oakman including a potential sale of the business and fresh investment. The company had been in discussions with a number of parties regarding the possibility of an offer being made for its entire issued share capital, but said that “all such discussions have now been terminated”. At the start of the year, McMullen’s acquired The Anchor in Hullbridge, Essex – a third freehold pub purchased from Oakman in the space of three months. Oakman features in the Propel Turnover & Profits Blue Book, the latest version of which was sent to Premium Club subscribers today (Friday, 11 April) and has grown to 1,108 companies. Oakman’s turnover of £57.8m for the year ending 2 July 2023 is the 209th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.