New owners for Woburn and Stoke Hammond pubs after parent company enters administration
Pubs in Woburn and Stoke Hammond now have new owners after their parent company was placed into administration.
The Woburn, an 18th-century restaurant based on George Street in Woburn, and The Three Locks, which sits on the banks of the Grand Union Canal on Leighton Road in Stoke Hammond, are among the 14 pubs transferred to Upham Group Limited.
The transfer to Upham Group Limited came after hospitality company Oakman Inns, founded by entrepreneur Peter Borg-Neal in 2007, entered administration.
Upham Group Limited has now doubled its portfolio of public houses to 28, after acquiring 14, located across areas including Buckinghamshire, Bedfordshire, Hertfordshire and the West Midlands, from Oakman Inns.
Explaining Oakman Inns demise, administrators PwC wrote in a statement: "Oakman Inns has been affected by challenging trading conditions, predominantly because of the long-term impact of the COVID-19 pandemic, which led to significant periods of closure and restricted trading.
"These disruptions necessitated additional borrowings to stabilise the business and preserve its operational footprint.
"Post-pandemic, the business has continued to face sector-wide macroeconomic challenges, including elevated interest rates, cost inflation across key inputs such as food and energy, and a temporary decline in consumer confidence affecting discretionary spending."
Joint administrator at PwC Ross Connock explained: "The contract encompasses the sale of one freehold property and the transfer of 13 leasehold sites, allowing the continued operation of these pubs enabling them to continue to serve their communities.
"Most importantly, this sale sees the transfer of 531 staff members. It is regrettable that six trading sites were not included in the sale, resulting in 159 redundancies."