Oakman Inns reports ‘strong financials' despite debt increase

Oakman Inns and Restaurants reported a "strong set of financials" despite an increase in net debt in the 12 months to 31 March 2013.

Oakman made two acquisitions during the financial period: a 25-year leasehold for a Beaconsfield site that was developed as the Beech House, and the Crown & Thistle in Abbingdon-on-Thames.

The latter was secured following a bridging loan from the company's shareholders because, the company said, of challenging capital markets and the lack of funding available from financial institutions.

The interest costs and other associated fees that came about as a result led to the group posting a loss of £843,891, up from £460,660 the year before.

The bridging loan also contributed to an increase in the company's net debt by £1.99m to £5.65m, but despite this Oakman said it continued to "aggressively" repay its bank debt, which it reduced by £328,000 to £1.45m.

Oakman Inns and Restaurants opened its first site, the Akeman, in Tring, Hertfordshire, in 2007. The Old Post Office in Wallingford and the Red Lion at Water End followed in 2009, and the King's Arms in Berkhamsted a year later.

Other sites in its portfolio include the Blue Boar in Witney and the Cook and Fillet in Kingswood.