The group, whose portfolio also includes the Wagamama and Barburrito chains, says it is committed to growing its Brunning & Price pubs business with the addition of the Oakman pubs increasing its estate from 79 to 89 sites.
It adds that the pubs, six of which also offer bedrooms, are ‘an excellent geographical fit’ with the Brunning & Price estate.
“Expanding our pub estate is a major strategic priority for us and we are delighted to have this opportunity to add ten high quality freehold pubs to our portfolio,” says Andy Hornby, CEO of TRG.
“We are confident that the Brunning & Price team, under Mary Willcock’s leadership, will provide an excellent home for the hard-working teams from Oakman.”
According to Sky News, the deal is likely to be worth somewhere between £50m and £100m.
“We have long admired Oakman Inns for the quality and character of their pubs, and we are thrilled to welcome these pubs and the dedicated teams behind them into our B&P family,” adds Mary Willcock, CEO of Brunning & Price.
TRG is owned by US private equity house Apollo Funds, who acquired it for £506m in late 2023 following a turbulent year that saw the group dispose of its leisure division, which comprised its Frankie & Benny’s and Chiquito brands, to Big Table Group following months of pressure from investors.
In its most recent financial results, for the year ending 31 December 2023, the group saw revenue rise to £824m from £717m the year before, with pre-tax losses narrowing from £29.1m to £19.6m.
Dine-in sales across all the group’s divisions rose on a like-for-like basis with Wagamama seeing 11% growth, Brunning & Price reporting a 10% uplift and the group’s concessions business recording a 29% rise.
TRG said at the time that it ‘remains confident’ in the potential for growing its estate following a ‘genuinely transformational year’ for the business.