Tue 20th May 2025 - Exclusive: Oakman Group sells ten freehold pubs to The Restaurant Group Exclusive – Oakman Group sells ten freehold pubs to The Restaurant Group: Oakman Group has confirmed to Propel that it has sold ten of its freehold pubs to The Restaurant Group (TRG), which will run the sites alongside its circa 80-strong Brunning & Price business before integrating them into its estate. Propel revealed earlier today that TRG was in talks to add circa ten freehold pubs to its estate from Oakman, in a deal valued at circa £45m. Propel understands that TRG set up a new company – Fireside Inns – to oversee the deal, which includes the Royal Foresters in Ascot – the 24-bedroom, 140-cover site, on which Oakman invested £10m – and The White Hart in Ampthill, Bedfordshire. The deal will see the Mary Willcock-led Brunning & Price increase its geographical reach and significantly up its bedroom stock, a category of the market it has been looking to further expand into. Brunning & Price currently operates just five pubs with rooms, including the Arrow Mill near Alcester in Warwickshire and the Mytton & Mermaid in Atcham, near Shrewsbury. It is thought that the deal will enable Oakman to clear its senior debt of around £40m. Oakman told Propel that the “strategic transaction” reflects the company’s “commitment to securing the best future for its business and the venues involved”. It also allows it to strengthen the balance sheet, enabling renewed focus on its retained estate of 22 pubs. John Leslie, non-executive chair of Oakman Group, told Propel: “We are confident that TRG will be excellent owners of these great sites. TRG’s track record with Brunning & Price gives us every confidence in their stewardship, and we believe these sites and the great people who work in them will continue to thrive under their care. We are extremely grateful to every team member who has helped make these sites so successful. Their dedication, energy and heartfelt hospitality have been key to their popularity. We thank them for all their hard work and wish them fulfilling careers with The Restaurant Group.” The company said it remains committed to “investing in its people and properties as it continues to deliver an exceptional guest experience, rooted in quality, service, and community”. Last month, Propel revealed that Oakman had appointed advisors to aid the circa 30-strong pub and restaurant company with its options, which could include a restructuring of the business. Oakman is working with PwC on its options under the name Project Firestone. It was understood that if no acceptable offers were forthcoming, Oakman would look at a possible restructuring, including a refinancing of its circa £65m debt. Oakman founder and chief executive Peter Borg-Neal has stepped away from the business due to illness, with Leslie leading the company at present.