Cocktail bar chain Be At One is set to double its portfolio size after completing a refinancing deal.
The group said yesterday it would be able to grow to 70 locations over the next five years thanks to the £20m agreement with Santander UK.
There are currently 33 Be At One bars in the UK, 17 of which are in London. The first bar opened in Battersea Rise in 1998.
The group’s finance boss Toby Ralph said: “That we were able to secure this deal at a time when some other leisure businesses are reporting a challenging debt market and experiencing difficult trading conditions, speaks to the exceptional quality of our business and its continued strong performance.”
Be At One said it has experienced uninterrupted revenue growth for more than a decade with like-for-like sales growth on the up.
Most recently the group reported like-for-like sales growth of 6.5 per cent for the six months to the end of August.
Meanwhile the Coffer Peach Business Tracker showed last month that like-for-like sales in bars, pubs and restaurants fell in London during August and was slow across the rest of the country.
Chief operating officer Andrew Stones added: “Our focus on delivering the exceptional Be At One guest experience is clearly paying off, and the conclusion of this process marks the start of the next chapter in our growth. With a strong pipeline and an ambitious growth programme, we look forward to delivering the unique Be At One experience – of high-quality cocktails and excellent service in a great atmosphere – to all of our guests across the UK.”