Oakman Group has announced the termination of its management contract with the Seafood Pub Company in the UK.
The demerger will see the business move forward independently under the ownership of Dermot King, who will also become a non-executive director at Oakman.
King, who has owned the Seafood Pub Company brand since its acquisition, will oversee the chain’s operations as it separates from Oakman’s management.
The decision follows King’s transition from chief operating officer to chief executive officer of Oakman in 2022 and his subsequent role as head of the finance team.
The Seafood Pub Company was established in 2010 by Joycelyn Neve and currently operates ten venues, including the Alma Inn and the Derby Arms.
Upon completion of the de-merger process, Oakman’s portfolio will consist of 33 trading sites and five sites in development.
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The company’s financial report for the year ending 2 July 2023 showed a sales increase of more than 6% to £57.8m.
The core Oakman Inns business reported a 9.5% sales increase to £7.7m for the five weeks ending 31 December 2023.
This positive end-of-year performance marked a recovery from a challenging start to 2023, attributed to poor weather.
In the second half of the year, Oakman achieved group sales of £32.3m, up 4.1% from the previous year, indicating a steady improvement in the business’s financial health.
Oakman CEO Peter Borg-Neal stated: “External trading conditions remain challenging. 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.”