Warwickshire village pub closes after parent company goes into administration
A village pub in Warwickshire has been closed after its parent company went into administration.
It has been confirmed that The Navigation Inn in Lapworth has permanently closed, with administrators announcing the closure on its website.
The pub also made the announcement on its Facebook page.
It is one of six sites to be closed. PWC has confirmed that administrators are in control of operations of the Oakman Inns. The property group owned and ran several pubs and restaurants in the south since its formation in 2007.
Peter Borg-Neal, the CEO of the Oakman Group, stepped away from the business in recent months due to health issues.
Since that announcement the hospitality group sold off 10 events properties, including The Globe in Warwick. These pubs were sold to the Restaurant Group, the company which also looks after the Wagamama chains and Brunning & Price Ltd.
The 10 pubs are now under the umbrella of Acorn Pubs.
Explaining Oakman Inns’s 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."
One pub in Warwickshire – The Four Alls in Welford on Avon – was taken over by Upham Group.