Sale of six former Seafood Pub Group sites will lead to 150 jobs

Six pubs belonging to the Clitheroe-based Seafood Pub Company have been acquired, for an undisclosed sum.

The Oakman Group, from Tring, Hertfordshire, announced the deal with the administrators of Seafood Pub Company Holdings Limited.

In addition to the restoration of some 150 jobs, the acquisition provides good news for suppliers, including the UK’s sustainable fishing industry, said the new owner.

The new acquisitions will strengthen Oakman’s aspirations to have 40 pubs in its portfolio by the end of 2021.

The Seafood Pub Group was forced into administration due to the impact of the national lockdown.

Former founder and managing director, Joycelyn Neve, will be joining the Oakman Group as MD of a new Seafood Pub division, initially based in the North. She will be reporting directly to the Group CEO Dermot King.

The six pubs are the Alma Inn, Colne, near Burnley, Derby Arms, Longridge, Preston, Farmers Arms, Great Eccleston, Preston, Fenwick Arms, Claughton, near Lancaster, Fleece Inn, Addingham, West Yorks, and the Forest Inn, Fence, Burnley.

Mr King said: “I am delighted that we have acquired these sites which will be the foundation stone for the third brand within our group – with the Seafood Pub joining the Oakman Inns and Beech House brands within our portfolio.

“Furthermore, these acquisitions will represent the next stage in our strategic development as we look to extend our boundaries beyond our Home Counties heartland.

“We believe that there is significant untapped potential in the premium pub sector, and I am not placing any upper limits on our ambition.”

Joycelyn Neve

Joycelyn Neve said: “I have been a huge admirer of the Oakman Group, its ethos and its ambition. They have acquired the cream of the Seafood Pub Company sites and I’m confident that, with the Oakman team’s support, we will prove to be enormously successful.

“My expectation at this stage is that all six pubs will reopen on May 17, and we will immediately start work on putting our new teams together.”

Oakman Group founder and chairman, Peter Borg-Neal, said: “This acquisition has given Dermot and myself the opportunity to review our structure to ensure we are ready for our next stage of growth.

“Joycelyn is a hugely talented retailer and will, with our support, now have the opportunity to build a bigger and better collection of Seafood Pubs across the UK. She will also add further expertise to our already impressive Oakman Group executive team and will contribute to the wider development of our business.”

The deal was overseen by Oakman Group’s vice chairman, John Leslie, who was described by Peter Borg-Neal as “…having done all the heavy lifting on this deal with his normal calm assurance and eagle-eyed attention to detail.”

Noel Moffitt, senior director, Christie & Co., who handled the sale on behalf of the administrators, BDO, said: “The portfolio of inns attracted a huge amount of interest from a wide range of potential buyers, including corporate, regional and local operators, as well as a number of high net-worth individuals.

“It is fantastic to see the Oakman Group expanding their geographical heartland from the South and Midlands into Lancashire and Yorkshire. This was an incredibly complex transaction in very challenging times, and none of us expected to still be in lockdown 12 months on.

“The deal demonstrates that the market is not as depressed as many would have you believe, although we are waiting for further clarity on the rent moratorium at the end of March and, if this isn’t extended, it is likely we may see more distressed assets coming to the market.”

National law firm, Freeths, advised on the deal. Leo Skinner, partner and head of the drinks, hospitality and leisure team, said: “Natalie Drought and I are delighted to have advised The Oakman Group and their investors on this acquisition and to be part of the Oakman growth strategy.”

Administrators were appointed to the Seafood Pub Company on June 19, 2020.

Prior to the business’s closure, Seafood Pub Company grew from its founding in 2010 to become a highly-successful group of traditional destination country inns and pubs. Predominantly food-led, the sites were renowned for their quality, having previously been operated as gastropubs with a seafood focus.