Be At One secures £20m in refinancing

Drinks: Drinks
Location: England
Other: Business

Cocktail bar group, Be At One is to expand nationally, growing the estate from 33 bars to 70 over the next five years.

The news comes after the company agreed a £20m refinancing deal with Santander UK. The group opened its first bar on Battersea Rise in 1998 and is majority owned by the three co-founders of the business, Steve Locke, Rhys Oldfield and Leigh Miller, and private equity firm, Piper.

Toby Rolph, chief financial officer at Be At One, 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.’

Like-for-like sales for its most recent results, to the end of August, showed growth of 6.5%, versus last year. Group EBITDA has grown to £5.5m, for the past 12 months on sales of £38.8m.

Andrew Stones chief operating officer 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.’

About Author

Claire Dodd

As a freelance journalist, Claire has written about pretty much any topic you can imagine, from which are the best sausages, to how to flood-proof your home. However, her writing on drinks began when she landed a job as a features writer for the Publican magazine in 2007. Adjusting to a lifestyle of sampling the best drinks from around the world was tough, but someone had to do it. Having left the title in 2011, today Claire focuses on drinks and travel writing for both consumer and trade titles. Aside from searching the globe for the best drinks, and the nicest spots to consume them, she also judges global brewing competitions and keeps an eye on the business moves of the on-trade.

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