Travers Smith LLP has advised Red Oak Taverns (Red Oak) on the refinancing of their current debt facilities with HayFin with new facilities from OakNorth Bank (OakNorth).
Red Oak is an independent pub company founded in 2011. It has been on an active acquisition trail since then, having grown from 32 units in 2012 to 227 today.
OakNorth previously financed the company for six years, before Red Oak moved to HayFin in 2022, a refinancing on which Travers Smith also advised. The new funding will allow Red Oak to reduce its cost of capital, whilst retaining acquisition firepower.
Head of Finance Danny Peel commented: "We are delighted to have had the opportunity work with Red Oak on its latest refinancing. The last 18 months have been challenging for many borrowers in view of rising interest rates and rampant inflation, but Red Oak has built strong relationships with its lenders and these partnerships have supported the company through an extended period of growth. With this new facility from OakNorth now in place, we look forward to watching Red Oak's continued success."
The Travers Smith team was led by Head of Finance Danny Peel, with support from Senior Counsel Fiona Swords, Associate Paris Taylor and Trainee Jade Wheeldon-Scully.
