Be At One cocktail chain set to double its bar portfolio after £20m refinancing

 
Alys Key
Follow Alys
Left to right: co-founder Steve Locke, CFO Toby Rolph, co-founder Rhys Oldfield, COO Andrew Stones and co-founder Leigh Miller (Source: Be At One)

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.

Read more: These three London cocktail bars have been ranked among the world's best

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.

Read more: Revolution Bars and Stonegate Pub Company move one step closer to merger

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.”

Read more: Leisure bosses back calls to create a hospitality minister

Related articles