Red Oak Taverns acquires 10 pubs and plans further investment

Red Oak Taverns has acquired 10 leased and tenanted pubs from regional brewer Wells & Co for an undisclosed sum.

The sites are all based in Bedfordshire, Buckinghamshire and Northamptonshire and take Red Oaks' portfolio to a total of 190 sites.

This is the second round of acquisitions for the company in 2021, following the purchase of three pubs from Reclamation Inns for an undisclosed sum last month.

Red Oak was founded in 2011 by Mark Grunnell and Aaron Brown and is still privately owned.

Grunnell said of the sale: "These pubs are a mix of rural destination food venues and community pubs, which are a perfect match for our business and we look forward to welcoming the tenants and their teams to Red Oak Taverns."

The group is also seeking additional funding for further investments.

Grunnell added: "Following this acquisition we are finalising terms for additional capital of £35m to take advantage of immediate investment opportunities. The pandemic has in some part slowed our plans but with the additional funding and an established and focused team, we are ready to take our business through the next phase of its evolution."

A number of high-profile investors have been eyeing the pub market ahead of a predicted post-pandemic boom.

Former Greene King boss Rooney Anand has raised around £200m to finance a takeover spree through his RedCat pub company, while Oakman Inns is aiming to double the size of its business over the next five years.