The Oakman Group Announces Strategic Divestiture of Seafood Pub Company
Posted by Emily on 12th Feb 2024
The Oakman Group has decided to step back from the Seafood Pub Company management role, a business it effectively rescued in 2021 by preventing its collapse. This significant move transfers control back to Dermot King, a key figure in recent history, who will now lead the Seafood Pub Company as an independent entity. King, who has been instrumental in the brand's revival since its acquisition, will also shift to a non-executive director role at Oakman post-demerger.
Image and Copyright Source - https://www.oakmaninns.co.uk
Under King's stewardship, which saw him ascend from COO to CEO and then to a pivotal financial leadership role amidst a board reshuffle, the Seafood Pub Company is poised for a new chapter. The brand's journey from its inception in 2010 through a challenging period in 2020, which nearly saw its demise due to financial hurdles, underscores its resilience and the strategic importance of this divestiture.
Oakman's portfolio refinement leaves 33 operational sites and an additional five in development, highlighting its continued growth trajectory. This strategic decision aligns with Oakman's latest financial report for the year ending July 2, 2023, showcasing a commendable sales increase of over 6% to £57.8 million. Notably, the festive season marked a 9.5% sales jump for Oakman Inns, evidencing a robust recovery and optimistic outlook despite external pressures.
Image and Copyright Source - https://www.oakmaninns.co.uk
Peter Borg-Neal, CEO of Oakman, expressed confidence in the company's direction, emphasizing collective efforts towards profitability and growth amidst ongoing market challenges.
We invite your insights and comments below on this strategic divestiture and its implications for The Oakman Group and the Seafood Pub Company.