The Seafood Pub Company will no longer be a part of the Oakman Group.
The Seafood Pub Company will no longer be a part of theOakman Group, with the owning business revealing it is demerging from the company it acquired in 2021.
Founded by Joycelyn Neve, Seafood Pub Company joined Oakman in March 2021, when the Peter Borg-Neal-led businessacquiredsix pubs from the administrators of Seafood Pub Company Holdings Limited. Oakman has since grown Seafood to 11 venues.
Once demerged, Seafood PubCompany will move forward under the sole ownership and direction of Dermot King (above right), former CEO of Oakman.
Following thedemergerof Seafood Pub Company, Oakman will comprise 33 trading sites and five pipeline sites.
Financial results
The news was shared as Oakman filed its accounts for the financial year ending 2 July 2023. Over this period, sales rose by over 6% from £54.4m to £57.8m and EBITDA was £1.8m.
For the five weeks ending on 31 December 2023, the core Oakman Inns business delivered sales of £7.7m, representing an increase of 9.5% on the prior year and a like-for-like growth of 4.5%.
For the 26 weeks ending on 31 December 2023, the business reported total group sales of £32.3m (+4.1%), site EBITDA of £5.4m (+10.4%) and business EBITDA of £2.4m (+40%).
"External trading conditions remain challenging," saysBorg-Neal (above left)."However, I am delighted with the way the whole team has come together to deliver significant profit recovery over the past six months. The business is in great shape to meet the near-term challenges we face and to deliver significant growth in the medium-term."
