London cocktail bar chain Adventure Bar is set to open two new sites following a £500,000 debt finance deal with OakNorth bank.
The loan will be used to open a fifth site on Waterloo road in the summer, and a sixth at a yet to be identified location, adding to existing sites in Covent Garden, Soho, Clapham Junction and Clapham High Street.
Its fourth and most recent site, the Escapologist in Covent Garden, is styled as part ‘modern day Victorian men’s club’ and part Masonic lodge, and offers cocktails and pizza. It opened in April 2016 following a £1.1m loan from OakNorth.
Tom Kidd, co-founder and director of Adventure Bar, said: “With its proximity to the Southbank, Waterloo has become a popular spot for both locals and tourists – as a result, it experiences oversubscription throughout the week with more people than available places. While there are a number of pubs and restaurants in the area but no cocktail-led proposition – we’re hoping to fill this void.”
Deepesh Thakrar, debt finance director at OakNorth, added: “Adventure Bar is an ambitious and entrepreneurial business – the team have not been deterred by Brexit and the fact that many on their payroll are from continental Europe – instead, they’ve focused on building their proposition and establishing a niche where they can more effectively compete.”
The loan was completed under the British Business Bank’s Help to Grow programme.
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