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Registered number: 12254114










OAKMAN GROUP PLC










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
OAKMAN GROUP PLC
 
 
COMPANY INFORMATION


Directors
Jane Elizabeth Bentall 
Dermot Francis King 
John Stewart Leslie 
David Mark Sherratt 
Jill Scatchard-Bolton 
Tarquin Owen Williams 
Peter Borg-Neal (resigned 18 July 2025)




Registered number
12254114



Registered office
Saxon House, 211 High Street

Berkhamsted

Hertfordshire

HP4 1AD




Independent auditors
HaysMac LLP

10 Queen Street Place

London

EC4R 1AG





 
OAKMAN GROUP PLC
 

CONTENTS



Page
Group Strategic Report
1 - 6
Directors' Report
7 - 10
Independent Auditors' Report
11 - 15
Consolidated Statement of Comprehensive Income
16
Consolidated Statement of Financial Position
17 - 18
Company Statement of Financial Position
19
Consolidated Statement of Changes in Equity
20
Company Statement of Changes in Equity
21
Consolidated Statement of Cash Flows
22
Consolidated Analysis of Net Debt
23
Notes to the Financial Statements
24 - 51


 
OAKMAN GROUP PLC
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

Introduction
 
The Directors of Oakman Group Plc present the Annual Strategic Report for the year ended 30 June 2024. This report provides an overview of the Company's performance, strategy, and position, including significant developments post-yearend that are shaping the Company’s future direction.

Business model
 
Oakman Group Plc is a parent company overseeing a portfolio of subsidiaries within the hospitality sector, primarily operating pubs and restaurants. Historically, the Group has followed an ambitious growth strategy, expanding its estate of high-quality pubs. However, due to various financial and operational challenges, the Group has taken decisive actions to reshape its structure and reduce its debt burden.
Strategic Objectives
Throughout the year, Oakman plc focused on:
Enhancing operational efficiency and maintaining high standards of guest experience.
Addressing the substantial debt load that had become unsustainable, exacerbated by the impacts of the COVID-19 pandemic and macroeconomic factors.
Restructuring the business to preserve value for creditors, shareholders, and other stakeholders.

Performance Review and Key Developments
The year has been marked by significant challenges. The Group faced substantial financial pressure due to a high debt load, accumulated through an expansion strategy funded by borrowing. In addition, the legacy effects of the COVID-19 pandemic, rising inflation, and the macroeconomic environment further strained the Group's financial stability.
Whilst the business traded well during the financial year and saw both guest and team satisfaction scores continue to improve, the Group faced considerable financial strain, primarily due to its exposure to  both secured and unsecured debt held within the Group.
As part of the Group’s year-end financial review, an impairment assessment was carried out on certain assets in line with applicable accounting standards. This resulted in the recognition of impairment charges against specific sites and development assets where forecast performance no longer supported the carrying value. These impairments reflect both site-level trading challenges and updated assumptions regarding future cash flows. The Board believes these adjustments provide a prudent and realistic reflection of asset values as at 30 June 2024.
After a failed sale process that was conducted throughout the Summer and Autumn of 2024, in January 2025, Oakman Group completed the sale of 3 leasehold pubs to McMullen’s, followed by the sale of 10 freehold sites to The Restaurant Group (“TRG”) during May 2025. This sale was a critical milestone in the Group’s efforts to address its unsustainable debt, which had reached nearly £70m. These transactions were necessary to secure a more stable financial footing for the Group and to reduce the burden of the Group’s debt.
Following this sale, the focus shifted towards addressing the repayment of unsecured debt, including shareholder loans and bond instruments. The Board continued to be in active discussions with creditors to agree on a path forward that would support the remaining sites and protect the interests of stakeholders.
On 21 July 2025, Oakman Inns & Restaurants Ltd (OIRL) and Oakman Dev Ltd, both wholly owned subsidiaries, were placed into administration. PwC was appointed as joint administrator, and a pre-packaged sale of the business and assets out of OIRL (excluding four sites)   was completed to Upham Inns. This sale ensured continuity of operations and maximised value for creditors. Two sites held in Oakman Dev Ltd were closed on appointment.

Page 1

 
OAKMAN GROUP PLC
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Performance Review and Key Developments (continued)
Oakman Group Plc itself remains solvent. Following the administration of OIRL, the intercompany receivable due to Oakman Group Plc is expected to result in a distribution to Oakman Group Plc, which has no external creditors. 
Accordingly, the Board will resolve to place Oakman Group Plc into a solvent members’ voluntary liquidation (MVL) in the coming weeks to return capital to shareholders in an orderly and efficient manner. The liquidation process will be led by an experienced insolvency practitioner who will be responsible for running that process going forwards.
Oakman Inns (P&E) Ltd, another subsidiary of OIRL, which has no external creditors, also remains solvent and too will enter an MVL process in due course.
Key performance Indicators  
Other Financial and Non-financial Key Performance Indicators 
Below are the KPIs of the sites compared with their performance in the prior year.  
• During the year, sales performance was up 2.6% from the prior year following the opening of a couple of additional sites during the year. LFL sales were down some 2.8% which was behind the market. 
• Average net sales per week were at £1,135k during the period compared to £1,112k in the prior year. 
• Wet Margins dropped by 0.4% compared to the previous year. 
• Dry Margins dropped by 0.3% compared to the previous year performance. 
• Payroll % was significantly improved year on year and was some 1.0% lower than the previous year. On a LFL basis, the Payroll % improved by some 1.3% on prior year.
• Staff turnover for the period was 56.7%. 
Future Developments 
Following the completion of the third of three sale processes and the administration of OIRL and Oakman Dev Ltd, Oakman Group is now focused on managing the liquidation process for its remaining entities, which is expected to result in the orderly return of capital to shareholders. 
The Group remains committed to maximising value for its stakeholders and ensuring that any remaining value from the Group’s estate is preserved for shareholders in the upcoming liquidation process.

Page 2

 
OAKMAN GROUP PLC
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Employees and Employee Engagement
 
The Group recognises that its employees are fundamental to the success of the business and remain our most valuable asset. Throughout the year, Oakman continued to foster a collaborative and inclusive culture that promotes engagement, development, and wellbeing across all levels of the organisation. We are proud of the dedication shown by our teams, particularly as we navigated a challenging trading environment during the financial year.
Our commitment to staff development is reflected in ongoing training programmes, apprenticeship opportunities, and clear progression paths within both front-of-house and kitchen operations. We maintain open lines of communication with employees through regular team meetings, digital communication platforms, and surveys, ensuring that their views are heard and considered in key business decisions.
We also placed increased focus on employee wellbeing, offering mental health support initiatives and flexible working arrangements where operationally feasible. Staff turnover was monitored closely and benchmarked against industry trends, and where challenges were identified, we responded with local and Group-wide initiatives to boost retention and morale.
Corporate Social Responsibility
Oakman Group remains committed to acting as a responsible business with a clear focus on sustainability, ethical practices, and meaningful engagement with the communities we serve. During the year, we continued to implement environmentally conscious practices across our estate, including energy efficiency measures, food waste reduction programmes, and enhanced recycling systems.
Wherever possible, our pubs source ingredients locally, supporting regional suppliers and reducing our carbon footprint. We also promote responsible sourcing throughout our supply chain and continue to work towards long-term environmental goals, including reducing single-use plastics and improving biodiversity in our outdoor spaces.
Our pubs are embedded in their local communities and play a vital role in supporting local causes. During the year, we partnered with local charities, hosted fundraising events, and encouraged team members to take part in volunteering initiatives. These activities form an integral part of our culture and our commitment to being a positive force in the regions where we operate.












 
Page 3

 
OAKMAN GROUP PLC
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Greenhouse gas emissions and energy consumption
The Group's greenhouse gas emissions and energy consumption are as follows: 
                           30 June 20X4 kWh                     02 July 2023 kWh
Electricity                        9,118,036                                    8,667,977
Main Gas                        7,182,022                                   6,580,524
LPG                                   tCo2 = 2.277                                   322,738
Propane                             tCo2 = 312. 395                              747,200
Company fuel (Diesel)  102802 tCo2 = 27.866                     475
Company fuel (petrol) 165848   tCo2 = 43.822                 43,583
Reimbursed fuel                371,664                                    200,913
Scope 1 emissions in metric tonnes CO2e
Natural Gas, LPG and fleet vehicles – 2,010 (2023 – 2,009)
 
Scope 2 emissions in metric tonnes CO2e
Purchased electricity – 1,729 (2023 – 987)
 
Scope 3 emissions in metric tonnes CO2e
Electricity T&D and Reimbursed Fuel – 12,748 (2023 – 14,001)
 
Total gross emissions in metric tonnes – 16,487 (2023 – 16,977) CO2e
Intensity ratio – 262 (2023 – 247) tCO2e/£m

Page 4

 
OAKMAN GROUP PLC
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Section 172 Statement

The Board of Oakman Group plc recognises its duty under Section 172 of the Companies Act 2006 to promote the success of the company for the benefit of its members as a whole, while also having regard to the interests of its employees, suppliers, customers, the environment, and wider stakeholders.
In its decision-making throughout the year, the Board considered the long-term impact of its actions, including the sustainability of the business, investment in people, and the reputation of the Group. We have maintained strong relationships with key stakeholders through proactive engagement, regular updates, and collaborative partnerships.
The Board gave due consideration to the financial position and resilience of the Group in a challenging economic environment. While the trading performance during the year ended 30 June 2024 was under pressure due to macroeconomic headwinds, the Group took steps to preserve liquidity, manage costs, and maintain operational flexibility.
Subsequent to the reporting date, Oakman Inns Restaurant Limited and Oakman Dev Limited entered administration on 21 July 2025. These developments occurred after the end of the reporting period and do not affect the Directors’ obligations in preparing this Strategic Report for the year ended 30 June 2024. However, the Board acknowledges the significance of this event and its impact on a range of stakeholders. The Directors continue to work constructively with administrators and professional advisors to support the process and to seek the best possible outcomes for employees, creditors, and shareholders.
Below is how we focus and promote these areas:
Long term impact – 
• The Directors regularly update the balanced scorecard KPI measures and seek debate, challenge and approval from the Board and Non Executive directors.
Employees – 
• We gain insight on our employee engagement through effective feedback via team surveys and quarterly team representative meetings, award winning training and development programmes for all levels, apprenticeship schemes, career planning frameworks, fast track leadership development for future general managers, recognition programmes for team members who demonstrate our values and our annual “thank you” festival, Oakfest
• We achieved the Princess Royal Training Award in 2023 in recognition of the scope, standard and quality of our training.   
• We offer a comprehensive benefit package by role to support high performance.
• We put team retention at the heart of all decision making
• We participate in the Mind Employers Charter and practice pro active initiatives to promote team well being
• We support the JEDI (Justice, Equality, Diversity and Inclusion) principles in providing training and support to all employees
Customers - 
• Building trust with our customers at every stage of the customer journey and ensuring our customers are at the heart of all process such as deposits, cancellations, no shows, refunds, complaints, feedback, free celebratory gifts
• Providing a premium dining and boutique accommodation experience consistently
• Introducing technology to improve the customer journey
• Responding to customer feedback including via social media channels
Suppliers - 
• Long term partnerships with suppliers and landlords have been built over the last fifteen years
• We maintain regular conversations with suppliers to agree payment plans which work for both parties
• We build long term partnerships with suppliers focused on quality, provenance and sustainability that are constantly reviewed
 
Page 5

 
OAKMAN GROUP PLC
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024


Community & Environment - 
• As our businesses are rooted in local communities, we operate our licences responsibly
• Working with the charity Tree Nation to help offset our carbon emissions having now planted over 1.27 million trees
• Each site raises funds for their designated local charities
• We recruit our teams mainly from within their local community supporting the local economy
• We focus on environmentally friendly operating procedures such as reduction in single use plastic and a focus on reducing energy consumption and energy efficiency improvements
 

Section 172 Statement (continued)

High Standards - 
• We employ a balanced scorecard approach to evaluating the quality and consistency of our premium offering
• We source our food products from British and Irish farms
• We ensure quality processes and controls for all areas of the operation
• We use external benchmarking
Acting Fairly between stakeholders - 
• Stakeholder engagement relevant for each stakeholder group
• Communication and business updates with all stakeholders

Principal risks and uncertainties

The risks facing Oakman plc have been influenced by:
The financial strain caused by high and unsustainable levels of debt and the need to manage the remaining Group debt and liabilities
The impact of ongoing macroeconomic factors such as inflation, interest rates, employment costs and consumer spending in the hospitality sector.
Risks associated with the administration of OIRL and the liquidation processes for Oakman plc and its subsidiaries.
 
Outlook
Following the completion of the third of three sale processes and the administration of OIRL, Oakman plc is now focused on managing the liquidation process for its remaining entities, which is expected to result in the orderly return of capital to shareholders. 
The Group remains committed to maximising value for its stakeholders and ensuring that any remaining value from the Group’s estate is preserved for shareholders in the upcoming liquidation process.

This report was approved by the board and signed on its behalf.



Dermot Francis King
Director

Date: 11 August 2025

Page 6

 
OAKMAN GROUP PLC
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

The Directors present their report and the financial statements for the period ended 30 June 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the period, after taxation, amounted to £18,133,469 (2023 - loss £6,174,006).

The Directors do not recommend payment of a dividend (2023 - no dividend)

Directors

The Directors who served during the period were:

Jane Elizabeth Bentall 
Dermot Francis King 
John Stewart Leslie 
David Mark Sherratt 
Jill Scatchard-Bolton (appointed 1 February 2024)
Tarquin Owen Williams (appointed 1 February 2024)
Peter Borg-Neal (resigned 18 July 2025)

Page 7

 
OAKMAN GROUP PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 8

 
OAKMAN GROUP PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Post balance sheet events

Group structure 
Since the year end, in July 2025, two of the companies that form part of the group have entered administration (Oakman Inns & Restaurants Ltd and Oakman Dev Ltd). 
Debt 
Post year end the following debt was repaid:
Bank debt
- Santander – this was repaid in full in January 2025 facilitated by asset sales. This includes the CBIL bank loan in the form of an overdraft. 
- Cynergy – this was repaid in full in May 2025 facilitated by asset sales.
Other secured loans
- The £3,325,000 secured on a freehold asset was repaid in full in May 2025 on the sale of the freehold asset. 
- The £3,200,000 loan remains unpaid, but the lender has enforced security on these loans and taken control of the assets they were secured on. 
- The £1,300,000 loan, secured on the freehold of Kingston House, High Street, Harpenden remains unpaid and will be dealt with as part of the administration process of the subsidiary companies.
- The £1,400,000 loan from a related party due for repayment in October 2024 was converted to a secured loan note post year end. 
- In January 2025 the group issued £1,275,000 of secured loan notes   as part of the requirements necessary to enable the sale of a leasehold pub to McMullens. The secured loan notes were repaid in full in May 2025 facilitated by asset sales.
Other unsecured loans 
- £409,000 of unsecured loans have been repaid post year end. The remaining balance remains underpaid and will be dealt with as part of the administration process of the subsidiary companies. 
Fixed assets 
Across October 2024, November 2024 and January 2025 three leasehold pubs were sold to McMullen generating net proceeds of £6.6m and a net profit on sale in comparison to asset carrying value. In May 2025, 10 freehold sites were sold to TRG for £49.6m generating a net profit on sale in comparison to asset carrying value. 
As a result of the administration, 19 trading pubs passed into the control of the administrators. 14 of these were immediately sold as part of the pre-pack administration deal for £8.1m resulting in a post year end loss of £3.4m as the sale prices were below market value. This loss has been treated as a non-adjusting post balance sheet event, as it is not considered indicative of market values at the year end.
The remaining 5 pubs are currently closed and are expected to sell for less than their market value as part of the administration process. The value of the impact of this is currently unknown and it is considered to be a non-adjusting post balance sheet event as it will not be indicative of the market value at the year end date. 
One non-trading site that was yet to be developed also passed into the administrators’ control; a sale is anticipated at an amount equivalent to its year end carrying value. 

Three leasehold sites that were in development have been handed back to the landlord or will be dealt with as part of the administration process. Post year end impairment of £856k has been recognised on these sites. This is considered to be a non-adjusting post balance sheet event as they were all considered viable sites at the year end, and the fact these sites did not open is as a result of the cashflow issues post year end. 

Page 9

 
OAKMAN GROUP PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024


Auditors

The auditorsHaysMac LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 August 2025 and signed on its behalf.
 





Dermot Francis King
Director

Page 10

 
OAKMAN GROUP PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC
 

Opinion


We have audited the financial statements of Oakman Group Plc (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to note 2.3 in the financial statements. This explains that part of the Group has entered into administration and the other part will shortly be entering into a member's voluntary liquidation process. 


For this reason, the Directors have concluded the Group is no longer a going concern and therefore these
financial statements have been prepared on a basis other than going concern as described in note 2.3. Our
opinion is not modified in respect of this matter.


Page 11

 
OAKMAN GROUP PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 12

 
OAKMAN GROUP PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC (CONTINUED)


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 13

 
OAKMAN GROUP PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud.
Based on our understanding of the Company and industry, we identified the principal risks of non-compliance
with laws and regulations particularly in respect of minimum wage legislation and alcohol licensing regulations
and we considered the extent to which non-compliance might have a material effect on the financial statements.
We also considered those laws and regulations that have a direct impact on the preparation of the financial
statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controls), and determined that the principal risks were related to
posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit
procedures performed by the engagement team included:

inspecting correspondence with regulators and tax authorities;
inquires with management including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud;
evaluating management’s controls designed to prevent and detect irregularities;
identifying and testing journals, selecting journals for testing based on our fraud risk assessment; and
challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
Auditors' Report.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 14

 
OAKMAN GROUP PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKMAN GROUP PLC (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Isabelle Shepherd (Senior Statutory Auditor)
for and on behalf of
HaysMac LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

11 August 2025
Page 15

 
OAKMAN GROUP PLC
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024

30 June
2 July
2024
2023
Note
£
£

  

Turnover
 4 
58,897,247
57,808,192

Cost of sales
  
(39,420,092)
(39,893,251)

Gross profit
  
19,477,155
17,914,941

Administrative expenses
  
(16,314,049)
(17,766,718)

Other operating income
 5 
308,590
293,034

Exceptional administrative expenses
 12 
(11,627,197)
1,375,487

EBITDA
 6 
(8,155,501)
1,816,744

Depreciation and amortisation
  
(3,080,888)
(2,989,052)

Total operating loss
  
(11,236,389)
(1,172,308)

Interest payable and similar expenses
 10 
(6,897,080)
(5,001,698)

Loss before taxation
  
(18,133,469)
(6,174,006)

Loss for the financial period
  
(18,133,469)
(6,174,006)

(Loss) for the period attributable to:
  

Owners of the parent Company
  
(18,133,469)
(6,174,006)

  
(18,133,469)
(6,174,006)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 24 to 51 form part of these financial statements.

Page 16

 
OAKMAN GROUP PLC
REGISTERED NUMBER: 12254114

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

30 June
2 July
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
76,505
107,940

Tangible assets
 15 
64,272,768
74,903,012

  
64,349,273
75,010,952

Current assets
  

Stocks
 17 
806,723
804,735

Debtors: amounts falling due within one year
 18 
5,096,901
3,908,412

Cash at bank and in hand
 19 
806,044
326,251

  
6,709,668
5,039,398

Creditors: amounts falling due within one year
 20 
(49,026,201)
(43,364,744)

Net current liabilities
  
 
 
(42,316,533)
 
 
(38,325,346)

Total assets less current liabilities
  
22,032,740
36,685,606

Creditors: amounts falling due after more than one year
 21 
(34,123,673)
(30,643,070)

  

Net (liabilities)/assets
  
(12,090,933)
6,042,536


Capital and reserves
  

Called up share capital 
 23 
2,698,670
2,698,670

Share premium account
 24 
14,064,620
14,064,620

Preference shares
 24 
144,214
144,214

Other reserves
 24 
1,226,357
1,226,357

Merger reserve
 24 
(6,656,594)
(6,656,594)

Profit and loss account
 24 
(23,568,200)
(5,434,731)

  
(12,090,933)
6,042,536


Page 17

 
OAKMAN GROUP PLC
REGISTERED NUMBER: 12254114
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dermot Francis King
Director

Date: 11 August 2025

The notes on pages 24 to 51 form part of these financial statements.

Page 18

 
OAKMAN GROUP PLC
REGISTERED NUMBER: 12254114

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

30 June
2 July
2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
-
28,527,893

  
-
28,527,893

Current assets
  

Debtors: amounts falling due within one year
 18 
4,307
29,135,661

Cash at bank and in hand
 19 
436
1,224

  
4,743
29,136,885

Creditors: amounts falling due within one year
 20 
(17,286)
(17,256)

Net current (liabilities)/assets
  
 
 
(12,543)
 
 
29,119,629

Total assets less current liabilities
  
(12,543)
57,647,522

Net (liabilities)/assets
  
(12,543)
57,647,522


Capital and reserves
  

Called up share capital 
 23 
2,698,668
2,698,668

Share premium account
 24 
14,064,623
14,064,623

Preference shares
 24 
144,214
144,214

Profit and loss account
 24 
(16,920,048)
40,740,017

  
(12,543)
57,647,522


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dermot Francis King
Director

Date: 11 August 2025

The notes on pages 24 to 51 form part of these financial statements.

Page 19
 

 
OAKMAN GROUP PLC


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024



Called up share capital
Share premium account
Preference shares
Other reserves
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£



At 3 July 2022
2,138,698
9,105,052
144,214
1,226,357
(6,656,594)
739,275
6,697,002





Loss for the period
-
-
-
-
-
(6,174,006)
(6,174,006)


Shares issued during the period
559,972
4,959,568
-
-
-
-
5,519,540





At 2 July 2023
2,698,670
14,064,620
144,214
1,226,357
(6,656,594)
(5,434,731)
6,042,536





Loss for the period
-
-
-
-
-
(18,133,469)
(18,133,469)



At 30 June 2024
2,698,670
14,064,620
144,214
1,226,357
(6,656,594)
(23,568,200)
(12,090,933)



The notes on pages 24 to 51 form part of these financial statements.

Page 20
 
OAKMAN GROUP PLC
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024


Called up share capital
Share premium account
Preference shares
Profit and loss account
Total equity

£
£
£
£
£


At 3 July 2022
2,138,698
9,105,055
144,214
40,759,495
52,147,462



Loss for the period
-
-
-
(19,478)
(19,478)

Shares issued during the period
559,970
4,959,568
-
-
5,519,538



At 2 July 2023
2,698,668
14,064,623
144,214
40,740,017
57,647,522



Loss for the period
-
-
-
(57,660,065)
(57,660,065)


At 30 June 2024
2,698,668
14,064,623
144,214
(16,920,048)
(12,543)


Page 21

 
OAKMAN GROUP PLC
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024

30 June
2 July
2024
2023
£
£

Cash flows from operating activities

Loss for the financial period
(18,133,469)
(6,174,006)

Adjustments for:

Amortisation of intangible assets
36,435
51,199

Depreciation of tangible assets
3,044,448
3,147,212

Net impairment / (reversal) of fixed assets
10,303,820
(2,375,732)

Loss on disposal of tangible assets
-
4,580

Interest payable and similar charges
4,522,806
4,666,931

(Increase) in stocks
(1,988)
(261,387)

(Increase)/decrease in debtors
(526,013)
2,390,898

Increase in creditors
3,575,280
1,876,895

Net cash generated from operating activities

2,821,319
3,326,590


Cash flows from investing activities

Purchase of intangible fixed assets
(5,000)
(54,248)

Purchase of tangible fixed assets
(2,718,024)
(7,440,583)

Net cash from investing activities

(2,723,024)
(7,494,831)

Cash flows from financing activities

Issue of ordinary shares
-
5,519,540

New loans drawndown
6,399,500
-

Net repayment of other unsecured loans' loans
-
835,618

Repayment of  loans
(1,495,196)
(2,999,232)

Interest paid
(4,522,806)
(2,024,675)

Net cash used in financing activities
381,498
1,331,251

Net increase/(decrease) in cash and cash equivalents
479,793
(2,836,990)

Cash and cash equivalents at beginning of period
326,251
3,163,241

Cash and cash equivalents at the end of period
806,044
326,251


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
806,044
326,251


Page 22

 
OAKMAN GROUP PLC
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 JUNE 2024






At 3 July 2023
Cash flows
Non-cashflow
Reclassification
At 30 June 2024
£

£

£

£

£

Cash at bank and in hand

326,251

479,793

-

-

806,044

Bank loans due within 1 year

(9,014,909)

1,495,196

(409,693)

3,220,000

(4,709,406)

Bank loans due after 1 year

(29,243,070)

-

239,216

-

(29,003,854)

Other unsecured loans due within 1 year

(8,073,812)

-

200,805

-

(7,873,007)

Other secured loans due within 1 year

(3,327,059)

(1,280,000)

(1,397,941)

(3,220,000)

(9,225,000)

Other secured loans due after 1 year

(1,400,000)

(5,119,819)

1,400,000

-

(5,119,819)


(50,732,599)
(4,424,830)
32,387
-
(55,125,042)

The notes on pages 24 to 51 form part of these financial statements.

Page 23

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Oakman Group Plc is a company limited by shares, incorporated in England and Wales where it is also registered. The Group specialises in the running of premium pubs, with or without letting rooms. The registered office of the company is Saxon House, 211 High Street, Berkhamsted, Hertfordshire, United Kingdom, HP4 1AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 24

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Directors are required to assess the Group's ability to continue as a going concern when preparing the financial statements. This assessment takes into account the financial stability and available resources of Oakman Group.
In response to significant financial challenges, the Group took decisive actions during the year, including commencing a full sale process. The process proved unsuccessful and led to the need to sell three leasehold sites to McMullens to enable repayment of Santander’s secured debt. 
A subsequent further the completion of the sale of 10 freehold sites to The Restaurant Group in May 2025 followed. This sale, a critical step in addressing the Group’s substantial debt load of nearly £70m, provided a necessary reset for the business and has allowed Oakman Group to reduce its indebtedness.
Despite this positive development, the Group faced increasing financial strain, and following the completion of the sale, the Group decided to place two of the subsidiaries, Oakman Inns & Restaurants Ltd (OIRL), and Oakman Dev Ltd into administration on 21 July 2025.
The decision to place OIRL and Oakman Dev Ltd into administration was a necessary step to preserve value for creditors and stakeholders, as the business could no longer sustain its debt load.
Oakman Group Plc, as an individual entity, itself remains solvent and will proceed to enter into a Members’ Voluntary Liquidation (MVL) process in the coming weeks. This process will ensure an orderly wind-down of the Company’s affairs and the return of any remaining value to shareholders.
As Oakman Group will soon transition to an MVL, the financial statements have been prepared on the basis the Group is no longer a going concern beyond the anticipated date of liquidation. This is because the Group will cease trading operations following the liquidation process. The financial statements have therefore been prepared on a basis other than going concern. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Group and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable for the sale of food and beverage items, as well as room sales in
certain pubs, excluding value added tax and other sales taxes.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Other operating income

Other operating income relates to net rent receivable and is recognised in profit or loss on a straight-line basis over the lease term. 

Page 25

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 26

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
50 years (100% residual value)
Leasehold property
-
Over the life of the lease
Plant and machinery
-
12.5% straight line
Fixtures and fittings
-
10% straight line
Office equipment
-
33% straight line
Other fixed assets
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Impairment of fixed assets

Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. Any impairment charge, or release of a historic impairment loss is recognised in the profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 27

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 28

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.20

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
 
Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.



Page 29

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The directors consider the following to be the critical estimates and judgements applicable to the financial statements.
Tangible Fixed Assets - Impairment 
The group is required to evaluate the carrying values of tangible fixed assets for impairment whenever circumstances indicate, in management's judgement, that the carrying value of such assets may not be recoverable. An impairment review requires management to make subjective judgements and estimates regarding the cash generating units under review. Management have identified each site that is trading to be a cash generating unit.
As disclosed in the post balance sheet event note, there have been a significant number of property sales post year end. Sales in late 2024 and early 2025, prior to the administration process of the subsidiaries, were considered to be indicative of the fair value of these assets at the year end and were therefore a key factor in the impairment review. 
For the sites that formed part of the pre-pack administration, management has judged that the distressed prices were not indicative of the fair value of these assets at 30 June 2024 due to the circumstances surrounding the administration. For these assets the most appropriate value for the impairment review was considered to be a post year-end third-party valuation using an EBITDA multiple method based on forecast fair maintainable trade and expected market multiples. If actual multiples or trading performance differ materially from these assumptions, further impairment may arise.
For sites closed post year end and still under the administrators’ control, management has similarly concluded that the post year-end closure and limited market activity were not indicative of year-end fair value. These assets have also been valued using the post year-end independent valuation report. The estimates that make up this valuation and the impact these could have on the asset carrying values are noted above. 
At the year-end there are 4 sites that are held as development assets. One of these sites is under offer post year end and management have made the judgment that this offer reflects the fair value of the asset at the year end, consistent with other contemporaneous offers. The remaining development sites had incurred costs at the year end and were considered viable at that date. Their non-completion post year end arose solely from subsequent cashflow issues, and therefore no impairment was recognised at 30 June 2024. 
The above impairment reviews contain a significant amount of judgment and estimation, specifically around forecast future trade, the timing of post year end events and whether they were indicative of the conditions at year end. Changes in these assumptions could materially affect the carrying values of the related assets.. 
Tangible Fixed Assets – depreciation and residual value
The estimated useful economic lives of tangible fixed assets and their residual value are based on management's judgement and experience. Where management identifies a material change in expected useful life, depreciation is adjusted prospectively. Given the significance of tangible fixed assets to the group, variations between actual and estimated useful lives could materially impact results, though historically few changes have been required.
Management has judged that the residual value of the freehold fixed assets is equivalent to their cost due to their historic nature. Were this judgment to be incorrect, this could lead to an impairment charge on the asset that could materially impact the financial statements. Post year end the majority of the freehold
Page 30

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.Judgements in applying accounting policies (continued)

assets sold for more than their carrying value which supports the judgment over the residual value. Two assets sold below cost, which was considered indicative of conditions at the year end, and impairments were recognised accordingly in these financial statements. . 
I
nvestments in Subsidiaries – Impairment (Oakman Group Plc company only numbers)
The investment Oakman Group Plc holds in Oakman Inns and Restaurants Limited is as a result of a share for share exchange in 2020. The value of each share on this date was identified as £2.50, supported by contemporaneous share subscriptions and forecasts at that time, and this is what was reflected in the Oakman Group Plc investment value and the share premium account. The investment is highly material at £28m.
At 30 June 2024, the investment’s recoverable amount was assessed. A post year-end equity offer of £7m for the Oakman Group was received in July 2024, but this was a non-adjusting event and occurred after the reporting date. An assessment of OIRL’s consolidated net asset position at the year end, adjusted for estimated fair value of assets, showed net liabilities of £26m, indicating no asset backing for the investment. In the absence of any other evidence of recoverable value at 30 June 2024, the Directors concluded that the investment was fully impaired and have written it down to nil. The £7m offer and subsequent deterioration in value to nil will be disclosed as non-adjusting post balance sheet events.
 
Intercompany Debtors – impairment (Oakman Group Plc company only numbers)
The investment in OIRL arose from a share-for-share exchange in 2020, initially recognised at £28m based on a share value of £2.50, supported by contemporaneous share subscriptions and forecasts at that time.
During the year, a sale process for the group was underway. On 22 May 2024, a UK general election was called, with polling on 4 July 2024. The Labour Party was elected, creating uncertainty within the hospitality sector due to anticipated tax rises and regulatory changes. This had a negative impact on investor confidence during the sale process.
Following the year end, the only offers received for the business were all below the total debt value, with one exception — an offer on 12 July 2024 attributing £7m to the equity. However:
• This was not a cash offer; it involved merging Oakman with another business and converting existing debt, including some with security over the freeholds, into equity.
• Securing such agreement from debt holders would have been challenging due to their security position.
• Subsequent due diligence revealed that the proposed merger partner was experiencing declining like-for-like sales, and the deal ultimately collapsed.
• The private equity owners of that business later launched their own sale process, which also failed.
Given these factors, and the fact that OIRL’s consolidated net asset position at 30 June 2024, even when adjusted for fair value of assets, showed net liabilities of £26m, the Directors concluded that there was no recoverable value for the investment at the balance sheet date. The £7m indicative offer received after the year end is considered a non-adjusting post balance sheet event and does not provide evidence of value at 30 June 2024. Accordingly, the investment has been impaired to nil.

Page 31

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


30 June
2 July
2024
2023
£
£

Wet sales
23,588,827
22,845,175

Dry sales
32,387,491
31,688,476

Accomodation
4,486,656
4,242,459

Other income
443,301
718,994

Discounts
(2,009,028)
(1,686,912)

58,897,247
57,808,192


Analysis of turnover by country of destination:

30 June
2 July
2024
2023
£
£

United Kingdom
58,897,247
57,808,192

58,897,247
57,808,192



5.


Other operating income

30 June
2 July
2024
2023
£
£

Net rents receivable
308,590
293,034


Page 32

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Operating loss

The operating loss is stated after charging:

30 June
2 July
2024
2023
£
£

Depreciation of tangible fixed assets
3,044,448
3,147,212

Amortisation of intangible assets
36,435
51,199

Other operating lease rentals
3,250,216
3,080,100

Impairment of tangible fixed assets
10,656,820
353,000

Reversal of impairment of tangible fixed assets
(353,000)
(2,728,732)


7.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors and their associates:


30 June
2 July
2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
105,000
136,600

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
44,950
43,040

Preparation of the financial statements
20,049
31,250

Page 33

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
30 June
Group
2 July
2024
2023
£
£


Wages and salaries
24,099,698
22,987,060

Social security costs
1,637,309
1,660,409

Cost of defined contribution scheme
763,752
536,932

26,500,759
25,184,401


The average monthly number of employees, including the Directors, during the period was as follows:


        30 June
        2 July
        2024
        2023
            No.
            No.







Retail
1,288
1,293



Office
80
88

1,368
1,381

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - NIL)

9.


Directors' remuneration

30 June
2 July
2024
2023
£
£

Directors' emoluments
1,005,894
1,233,169

Group contributions to defined contribution pension schemes
157,249
119,775

1,163,143
1,352,944


The highest paid Director received remuneration of £220,000 (2023 - £220,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £40,000 (2023 - £40,000).

Page 34

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

10.


Interest payable and similar expenses

30 June
2 July
2024
2023
£
£


Bank interest payable
3,361,865
2,678,164

Other interest payable
3,535,215
2,323,534

6,897,080
5,001,698


11.


Taxation


30 June
2 July
2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-
Page 35

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.53%). The differences are explained below:

30 June
2 July
2024
2023
£
£


Loss on ordinary activities before tax
(18,133,469)
(8,053,418)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.53%)
(4,533,367)
(1,653,367)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,576,055
1,027,534

Capital allowances for period in excess of depreciation
-
(40,890)

Fixed asset differences
566,853
-

Non-taxable income
963,007
41,130

Other permanent differences
(189)
5,778

Deferred tax not recognised
734,278
783,107

Dividends from UK companies
-
(142,011)

Other tax adjustments, reliefs & transfers
(306,637)
(21,281)

Total tax charge for the period
-
-


Factors that may affect future tax charges

There are no factors expected to affect future tax charges.

Page 36

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

12.


Exceptional items

30 June
2 July
2024
2023
£
£


Pre-opening costs
515,342
175,141

Other exceptional items
808,035
825,104

Fixed asset impairment charge
10,656,820
353,000

Fixed asset impairment release
(353,000)
(2,728,732)

11,627,197
(1,375,487)


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the period was £57,660,065 (2023 - loss £19,478).

Page 37

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

14.


Intangible assets

Group 







Development expenditure

£



Cost


At 3 July 2023
897,487


Additions
5,000



At 30 June 2024

902,487



Amortisation


At 3 July 2023
789,547


Charge for the period
36,435



At 30 June 2024

825,982



Net book value



At 30 June 2024
76,505



At 2 July 2023
107,940



Page 38

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

15.


Tangible fixed assets

Group








Freehold property
Leasehold property
Plant and machinery
Fixtures, fittings and equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 3 July 2023
44,479,815
23,073,610
2,611,486
19,361,648
1,994,708


Additions
751,842
768,132
-
1,028,897
169,153



At 30 June 2024

45,231,657
23,841,742
2,611,486
20,390,545
2,163,861



Depreciation


At 3 July 2023
-
4,939,375
2,153,138
8,273,539
1,252,203


Charge for the period
96,393
500,688
181,297
1,750,678
515,392


Net impairment charge
1,468,038
8,835,782
-
-
-



At 30 June 2024

1,564,431
14,275,845
2,334,435
10,024,217
1,767,595



Net book value



At 30 June 2024
43,667,226
9,565,897
277,051
10,366,328
396,266



At 2 July 2023
44,479,815
18,134,235
458,348
11,088,109
742,505
Page 39

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

           15.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 3 July 2023
91,521,267


Additions
2,718,024



At 30 June 2024

94,239,291



Depreciation


At 3 July 2023
16,618,255


Charge for the period
3,044,448


Net impairment charge
10,303,820



At 30 June 2024

29,966,523



Net book value



At 30 June 2024
64,272,768



At 2 July 2023
74,903,012

The freehold and leasehold properties are secured against debt held in the group which is detailed in note 22.

Page 40

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

16.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 3 July 2023
28,527,892



At 30 June 2024
28,527,892



Impairment


Charge for the period
28,527,892



At 30 June 2024

28,527,892



Net book value



At 30 June 2024
-



At 2 July 2023
28,527,892

The following were subsidiary undertakings of the Company in the period: 
Name                                                                  Class of Shares                    Holding 
Oakman Inns and Restaurants Limited                     Ordinary                                100%
Oakman Property Limited                                       Ordinary                                100%
Oakman Bedfordshire Holdings Limited                    Ordinary                                100%
The Beech Hut Limited                                           Ordinary                                100%
Oakman Ventures Limited                                      Ordinary                                100%
Hunky Dory Pubs Limited                                       Ordinary                                100%
Ashmore Inns Limited                                            Ordinary                                100%
Oakman Inns (P&E) Limited                                   Ordinary                                100%
Downoak Limited                                                   Ordinary                                100%     
Hedderwick Limited                                               Ordinary                                100%
Oakman Dev Limited                                             Ordinary                                100%
See note 28 which provides further information on the post year end restructure which saw Oakman Inns and Restaurants Limited, and Oakman Dev Limited, being placed into administration. 
All investments, apart from Oakman Inns and Restaurants Limited, are indirect holdings.

Page 41

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

17.


Stocks

Group
30 June
Group
2 July
2024
2023
£
£

Finished goods and goods for resale
806,723
804,735


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 42

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

18.


Debtors

Group
30 June
Group
2 July
Company
30 June
Company
2 July
2024
2023
2024
2023
£
£
£
£


Trade debtors
244,091
287,980
-
-

Amounts owed by group undertakings
-
-
-
29,131,155

Amounts owed by related parties
234,552
200,275
3,957
1,756

Other debtors
3,082,566
2,766,898
350
2,750

Prepayments and accrued income
1,535,692
653,259
-
-

5,096,901
3,908,412
4,307
29,135,661


Amounts owed by group undertakings and related parties are interest free and repayable on demand. The amounts owed by related parties is net of a provision of £826,324 (2023: £826,324).


19.


Cash and cash equivalents

Group
30 June
Group
2 July
Company
30 June
Company
2 July
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
806,044
326,251
436
1,224


Page 43

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

20.


Creditors: Amounts falling due within one year

Group
30 June
Group
2 July
Company
30 June
Company
2 July
2024
2023
2024
2023
£
£
£
£

Other unsecured loans
7,873,007
8,073,812
-
-

Bank loans
4,709,406
9,014,909
-
-

Other secured loans
9,225,000
3,327,059
-
-

Trade creditors
7,157,553
7,198,392
-
1,425

Amounts owed to group undertakings
-
-
4,307
100

Amounts owed to related parties
671,782
292,846
-
-

Other taxation and social security
2,595,851
2,341,317
-
-

Other creditors
3,329,601
2,057,660
-
2,751

Accruals and deferred income
13,464,001
11,058,749
12,979
12,980

49,026,201
43,364,744
17,286
17,256


Amounts owed to related parties are interest free and repayable on demand.
Included within accruals is £6,229,389 (£5,887,281) of accrued interest on shareholder loans. 


21.


Creditors: Amounts falling due after more than one year

Group
30 June
Group
2 July
2024
2023
£
£

Bank loans
29,003,854
29,243,070

Other secured loans
5,119,819
1,400,000

34,123,673
30,643,070



Page 44

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
30 June
Group
2 July
2024
2023
£
£

Amounts falling due within one year

Bank loans
4,709,406
9,014,909

Other secured loans
9,225,000
3,327,059

Other unsecured loans
7,873,007
8,073,812


21,807,413
20,415,780

Amounts falling due 1-2 years

Bank loans
382,600
438,601

Other secured loans
5,119,819
-


5,502,419
438,601

Amounts falling due 2-5 years

Bank loans
28,621,254
28,804,468

Other secured loans
-
1,400,000


28,621,254
30,204,468


55,931,086
51,058,849


Page 45

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
22.Loans (continued)

Other unsecured loans
The other unsecured loans balance as at 30th June 2024 is made up of: 
£6,166,917 (2023 - £6,367,720) of loans due in less than one year and subordinated to the bank loan with Santander. Interest on these loans is 10% per annum.
£997,504 (2023 - £997,504) of loans due in less than one year and subordinated to the bank loan with Santander. Interest on these loans is charged at 18% per annum.
£708,586 (2023 - £708,586) of loans due in less than one year and subordinated to the bank loan with Santander with interest payable at 20% per annum.
Other secured loans
A £3,325,000 (2023: £3,327,059) other loan is held with interest payable at 8% per annum. This loan was previously due on 30 April 2024 but an extension was obtained in January 2024 and this loan is now due for repayment in March 2025. The loan is secured on one of the freehold properties.
A loan of £3,200,000 (2023 - £1,920,000) drawn down in July & August 2023. The loan carries interest at 8% per annum and is secured on two of the leasehold properties held by the group. The loan was previously due in July 2025 but repayment was brought forward to April 2025 in the year.
A loan of £1,300,000 (2023 - £1,300,000) drawn down in January 2022. The loan carries interest at 8% per annum and is secured on one of the freehold properties held by the group. The loan was previously due in January 2024 but repayment was extended to January 2025 in the year.
A £1,400,000 (2023: £1,400,000) loan is due on 29 October 2024 with interest charged at 10% per annum. This loan is secured on one of the leasehold properties held by the group. Post year end this loan was converted to secured loan notes.
Secured loan notes totalling £5,119,819 were issued on 1 March 2024. Interest is charged at 15% per annum and the loan notes are due for repayment on 31 January 2026. The loan notes are secured on some of the freehold and leasehold properties held by the group, although the bank debt in place takes precedent here.
Bank Loans
The bank loans balance is made up of:
A bank loan for £2,530,805 (2023 - £2,980,308) with Santander. Interest is charged at 5% per annum.  The Growth Capital Facility is repayable on 31 January 2025. This loan was previously due on 30 April 2024 but an extension was obtained during the prior year. During the period, the senior capital facility was repaid in full. The loan is secured on this company’s leasehold properties. Post year end in January 2025 this loan was repaid using the proceeds of asset sales.
A £1,796,000 (2023: £2,376,000) overdraft was issued through the CBIL's scheme. The overdraft was drawn down on 26 June 2020 and is repayable on demand. Interest on this overdraft was covered by the government for the first year and is then charged at base rate plus 3.25%. The group has access to another overdraft issued under CBIL's for £386,000 (2023- £386,000). This additional overdraft has the same terms but was not drawn upon as at 30 June 2024. During the year £nil (2023 - £nil) of interest payable on this loan was rolled up into the capital value due to interest being paid off monthly. Additionally, £580,000 (2023: £nil) of capital repayments were repaid during the year. During the year an extenstion was obtained to January 2025 although it should be noted that the Coronavirus Business Interruption Loan is an overdraft and therefore technically repayable on demand. Post year end in
Page 46

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
22.Loans (continued)


.







A bank loan of £29,386,454 (2023: £29,693,671) held with Cynergy Bank in Oakman Inns P&E Limited  was drawn down in January 2022. The loan carries interest at base rate plus 3.65% p.a. payable monthly. The loan is interest only for the first year, after which quarterly capital repayments start, and the balance is due on the repayment being January 2027. The loan is secured against the assets of Oakman Inns (P&E) Limited, Oakman Property Limited, Oakman Bedfordshire Holdings Limited, Downoak Limited and Hedderwick Limited which hold the Group freehold property. The loan is disclosed net of arrangement fees which total £96,000 (2023 - £124,000). Post year end on 19 May 2025 this loan was repaid in full following the sale of assets.

23.


Share capital

30 June
2 July
2024
2023
£
£
Allotted, called up and fully paid



24,536,288 (2023 - 24,536,288) Ordinary shares of £0.10 each
2,453,629
2,453,629
2,449,410 (2023 - 2,449,410) Ordinary A shares of £0.10 each
244,941
244,941
1,000 (2023 - 1,000) Ordinary B shares of £0.10 each
100
100

2,698,670

2,698,670


Page 47

 
OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

24.


Reserves

Share premium account

Includes any premiums recieved on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Other reserves

The other reserve holds shares to be issued as part of the employee share plan.

Merger Reserve

Includes the difference between the value of shares issued by the Company in exchange for the value of shares acquired in respect of the acquisition of subsidiaries.

Profit and loss account

Includes all profits and losses accumulated in the current and previous periods.
Preference share 
Represents the nominal value of preference shares in place that are held by Oakman Inns and Restaurants Limited.


25.


Pension commitments

The Group operates a defined contributions pension scheme for all employees within the group. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £606,504 (2023 - £536,932) were payable to the fund at the reporting date.


26.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
30 June
Group
2 July
2024
2023
£
£

Not later than 1 year
3,384,500
3,158,000

Later than 1 year and not later than 5 years
13,538,000
12,632,000

Later than 5 years
48,895,000
48,958,000

65,817,500
64,748,000

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OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

27.


Related party transactions

During the period to 30 June 2024 fees of £151,149 (2023: £412,650) were charged to companies/groups with some mutual directors with Oakman Group. There is considered to be significant influence here therefore these are related party transactions. At the period end an amount of £1,053,087 (2023: £936,274) is owed from these companies/groups with some mutual directors with Oakman Group. A provision of £826,324 (2023: £826,324) has been made against these debtors. This is disclosed as amounts owed from related parties in note 18.
During the period to 30 June 2024 there were £376,167 (2023: £nil) of payments made to a company controlled by a Director of Oakman Group and their close family. 
At 30 June 2024 an amount of £663,993 (2023: £240,492) was owed to a company controlled by a Director of Oakman Group and their close family. This is disclosed in amounts owed to related parties in note 20. The balance represents the net position on an interest free debtor and a £1,250,000 creditor (2023 - £1,250,000 creditor) on which interest at 9.75% per annum is charged. The total interest charged in the year to 30 June 2024 is £136,500. Total accrued interest at 30 June 2024 is £199,035. Post year end the £1,250,000 creditor has been settled through the issue of secured loan notes. 
The amounts disclosed as other unsecured loans are all loans with shareholders. Included within other unsecured loans is an amount of £1,149,643 (2023: £1,149,643) of loans held by current directors, their close family, or companies with common directorship. The total interest accrued on these loans is £1,304,826 (2023: £1,049,550). During the year £218,291 (2023: £191,308) of interest was charged.
Included within other secured loans is a loan for £1,400,000 (2023: £1,400,000) which is a loan owing to a company controlled by a Director of Oakman Group and their close family. This loan was converted to secure loan notes (terms are disclosed within note 22) on the 31 October 2024. 
Included within other debtors at 30 June 2024 is an amount of £487,740 (2023: £472,069) which relates to a loan owed from one of the Directors of the Group in the period.

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OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

28.


Post balance sheet events

Group structure 
Since the year end, in July 2025, two of the companies that form part of the group have entered administration (Oakman Inns & Restaurants Ltd and Oakman Dev Ltd). 
Debt 
Post year end the following debt was repaid:
Bank debt
- Santander – this was repaid in full in January 2025 facilitated by asset sales. This includes the CBIL bank loan in the form of an overdraft. 
- Cynergy – this was repaid in full in May 2025 facilitated by asset sales.
Other secured loans
- The £3,325,000 secured on a freehold asset was repaid in full in May 2025 on the sale of the freehold asset. 
- The £3,200,000 loan remains unpaid, but the lender has enforced security on these loans and taken control of the assets they were secured on. 
- The £1,300,000 loan, secured on the freehold of Kingston House, High Street, Harpenden remains unpaid and will be dealt with as part of the administration process of the subsidiary companies.
- The £1,400,000 loan from a related party due for repayment in October 2024 was converted to a secured loan note post year end. 
- In January 2025 the group issued £1,275,000 of secured loan notes   as part of the requirements necessary to enable the sale of a leasehold pub to McMullens. The secured loan notes were repaid in full in May 2025 facilitated by asset sales.
Other unsecured loans 
- £409,000 of unsecured loans have been repaid post year end. The remaining balance remains underpaid and will be dealt with as part of the administration process of the subsidiary companies. 
Fixed assets 
Across October 2024, November 2024 and January 2025 three leasehold pubs were sold to McMullen generating net proceeds of £6.6m and a net profit on sale in comparison to asset carrying value. In May 2025, 10 freehold sites were sold to TRG for £49.6m generating a net profit on sale in comparison to asset carrying value. 
As a result of the administration, 19 trading pubs passed into the control of the administrators. 14 of these were immediately sold as part of the pre-pack administration deal for £8.1m resulting in a post year end loss of £3.4m as the sale prices were below market value. This loss has been treated as a non-adjusting post balance sheet event, as it is not considered indicative of market values at the year end.
The remaining 5 pubs are currently closed and are expected to sell for less than their market value as part of the administration process. The value of the impact of this is currently unknown and it is considered to be a non-adjusting post balance sheet event as it will not be indicative of the market value at the year end date. 
One non-trading site that was yet to be developed also passed into the administrators’ control; a sale is anticipated at an amount equivalent to its year end carrying value. 
Three leasehold sites that were in development have been handed back to the landlord or will be dealt with as part of the administration process. Post year end impairment of £856k has been recognised on
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OAKMAN GROUP PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

28.Post balance sheet events (continued)

these sites. This is considered to be a non-adjusting post balance sheet event as they were all considered viable sites at the year end, and the fact these sites did not open is as a result of the cashflow issues post year end. 


29.


Controlling party

There is no ultimate controlling party.

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