Red Oak Taverns raises 'significant capital' for future expansion

Red Oak Taverns has announced that it has raised "significant additional capital" to enable it to continue an ambitious acquisition programme.

However, the pub company would not divulge the amount of money involved in the debt refinancing with Hayfin Capital Management.

Mark Grunnell, co-founder and chief executive officer of Red Oak Taverns, said: "This refinancing is a further step change for Red Oak and creates a platform for us to enter the next phase of our evolution and to grow the business significantly with our existing major shareholders.

"We have steadily built a relationship with the Hayfin team over the last eight years, and we are delighted to complete this milestone transaction to allow us to work together on the next stage of our journey."

Red Oak Taverns completed five portfolio acquisitions, comprising 34 pubs, last year, including nine tenanted pubs from Dorset brewery Hall & Woodhouse.

The refinancing will enable the company to repay OakNorth Bank, which since 2018 has been its sole lender, backing the growth of the business from 160 to the 206 pubs it operates today.