Red Oak Taverns has acquired 19 tied tenanted pubs from Marston’s, the third transaction between the two companies in the last 15 months. This takes Red Oak’s portfolio to 246 pubs.
This strategic acquisition further strengthens Red Oak’s relationship with Marston’s, bringing the total number of pubs acquired from them to 26.
Notably, the previous two transactions involved free of tie pubs, showcasing Red Oak’s approach to flexibly running pubs on either a tied or free-of-tie basis.
“We are delighted to have completed the purchase of these high-quality pubs in a third successful deal with Marston’s,” said Mark Grunnell, co-founder and chief executive of Red Oak Taverns.
“The ability to deliver, especially in times where the cost of capital is high, is crucial between any seller and buyer, and we have built a strong relationship with the Marston’s team.”
He extended a warm welcome to the tenant partners transferring over to Red Oak, emphasising the company’s commitment to collaboration and investment.
“I would like to extend a special welcome to those tenant partners transferring over to the Red Oak Taverns family. Initial welcome meetings have already been held, and we look forward to developing investment plans together in the coming weeks.”
Andy Kershaw, property director at Marston’s, said: “We are pleased to complete this sale to Red Oak in line with our stated strategic objectives, whilst matching a good partner for the long-term futures of these pubs and their operators.”
Red Oak remains well-capitalised and continues to actively seek further opportunities to expand its presence in the market through both portfolio and single-site acquisitions.
The transaction was facilitated by Fleurets and Freeths LLP, acting for the buyer’s side, and Christie & Co and Deloitte Legal, who acted for the seller.
