The County Hotel, The Beverley Inn and Micawbers
Paul is a director of a successful multiple operator with over 25 sites. When Red Oak Taverns acquired The County Hotel as part of our original portfolio purchase, relations were strained between Paul and the previous landlord. There were aspects of the lease agreement that were not working well for Paul and given the previous owner’s financial situation an impasse had been reached.
Red Oak Taverns offered an early face to face meeting with Paul to discuss the issues concerned resulting in lease amendments that were satisfactory to both parties. Since that early meeting, Paul’s company has partnered with Red Oak Taverns by taking a further site on a substantive lease and, in conjunction with Red Oak, has invested into the property. More recently, Paul identified a new freehold site for which he was looking for a funding partner. Red Oak Taverns agreed to acquire the site and to commit some capital (with Paul) to refurbish the site in return for Paul’s company entering into a substantive lease agreement on mutually acceptable terms.
“Our relationship with Red Oak Taverns dates back to their acquisition of The County Hotel in Grimsby. As the incumbent tenants, we had been placed in an impossible commercial position by the previous landlords – who were facing serious financial difficulties. Red Oak Taverns adopted a flexible, pragmatic and partner led approach that allowed us to move forward with the business. Their commercial ethos was both refreshing and transparent, giving us the confidence to make a significant investment of our own in the business. Following further development, The County Hotel now stands out in Grimsby as one of the finest examples of a traditional town centre pub and the home of live entertainment in the area. Sales continue to be strong and the future of the business is bright.
The successes at The County Hotel and our realisation that Red Oak Taverns had a good understanding of the local trading environment and market trends had led us to seek additional partnership deals. The Beverley Inn Doncaster represents another success story – where a recent joint refurbishment has turned a somewhat dated business into a more contemporary hotel, bar and restaurant product.
Going forward, we are looking forward to further joint ventures with Red Oak Taverns. The latest is the acquisition of Bailey’s in Grimsby. This landmark business in the centre of the town had lost it’s way under previous operators. Red Oak Taverns agreed to acquire the site and provide a degree of investment. In return, we had a capital investment scheme of our own planned. Together we turned the business into something that meets the needs of the modern evening and night time economy, with a great mix of entertainment, cocktails, craft beers and a modern food offer. The site has been rebranded Micawbers, a reference to an historic name of the past.
Our relationship with Red Oak Taverns is proof that a flexible, pragmatic and market aware landlord combined with a driven and focused tenant is a winning mix. We look forward to working with Red Oak Taverns on many future projects.“Paul Weeks