Oakman Inns chief executive officer, Steven Kenee has said he is “very confident” that the pub group will reach its £4.5m funding target – after it received applications for over £3.6m of shares.
Before Christmas the company launched an equity fund raiser aimed at private individuals to support its growth ambitions, with the group revealing it has a “substantial pipeline of sites ready for development during 2021”.
Following the funding round Kenee has onboarded 170 new shareholders into the “Oakman family”.
The company, which currently operates 27 sites across the south of England and the West Midlands witnessed a 17% sales drop due to Covid-19.
Peter Borg-Neal, chairman of Oakman’s said: “We believe that there is a huge unsatisfied consumer demand for premium public houses right across the UK. Large pubs with a strong all day food offer, a high level of amenity and, most importantly, great people running them is the future of the pub market. We want to play a big part in fulfilling that demand.
“Our remarkable performance last year has left us brimming with confidence for the future. Reopening will, of course, be a challenge but the fantastic teams that delivered that performance are still with us and are raring to go again.
He added: “We will open all our pubs on the very first day we are allowed to do so, and we expect to trade very strongly from day one. During lockdown we have worked hard to keep our people engaged and we have also developed some exciting new products that will add to our forward momentum.”