Be At One refinances as it anticipates to double portfolio
Cocktail bar group Be At One has secured a £20m debt facility package in order to support plans to double its number of sites over the next three to five years.
Results released today for the year ended 2 April 2017 showed a 6% increase in like-for-like sales and a rise of 9% in adjusted EBITDA to £5.1m.
It also reported a 24% increase in turnover to £36.9m due to continued brand expansion across the UK.
Three new bars opened during the period in Birmingham, Liverpool and Nottingham. The group also closed two sites as part of an estate review.
Since the year-end, a bar in Bournemouth and a second site in Leeds have launched bringing total number of sites to 33.
Be At One is continuing to expand its portfolio of sites and has "a strong pipeline for the coming calendar year."
Commenting on the results, Andrew Stones, chief operating officer, said: "We are a business that continues to define and lead the specialist cocktail bar market. The group has witnessed strong and uninterrupted revenue growth for more than a decade, delivering consistent like-for-like sales growth, and is well-positioned for continued expansion.
"We believe this is down to our market-leading staff training and development, providing a competitive advantage for the business and serving as the platform for delivering Be At One's unique experience that we know our customers love. With ambitious growth plans for the future, we are tremendously excited for the next stage of the Be At One story.
"The headwinds confronting the wider leisure and hospitality industry have been well documented, but we are confident in our business model and pressures on consumer spending are likely to work in our favour, with consumers seeking out differentiated, high quality experiences."
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