Oakman Inns and Restaurants has announced it has completed on a deal securing £5.5m worth of funding from the pub-focused Enterprise Investment Scheme.
The Buckinghamshire based company, who operate 9 sites in the home counties, also announced the appointed of new finance director Joseph Evans, who will join the company in February 2014.
Currently financial controller of Whitbread Hotel and Restaurant division, Evans has spent 13 years at Whitbread and currently leads a team of 110 people in the division which has an annual turnover of over £1.4bn.
Regarding the new funding, Oakman raised £1.5m more than its initial target but upped the figure due to impending acquisitions.
Chief Executive and founder Peter Borg-Neal, who founded the group in 2007, said the completion of the EIS fundraising leaves the business with a ‘very strong’ balance sheet; with around £7m of equity, £3.9m of shareholder loans and just £1.2m of bank debt.