Like-for-likes up 6% at 'ambitous' Be At One

17/11/2017 - 07:00
Specialist cocktail bar group, Be At One, has reported “another strong year" for the business as national expansion and positive like-for-like growth across its sites helped boost sales.

Turnover for the 12 months to 2 April 2017 increased 24% from £29.8 million to £36.9 million against the year before. This was aided by three new bar openings and the full-year results from sites opened in the previous period.

Like-for-like sales across the portfolio grew by 6%, an outperformance of the market which the company says it has achieved every year for over a decade.

Store adjusted EBITDA rose 20% to £1.5m with group adjusted EBITDA increasing 9% to £5.1m.

The three bars opened over the 52 weeks were in Liverpool, Nottingham and Birmingham, as the group continued its out-of-London expansion.

The company disposed of two sites and made an impairment against a further two sites during the period.

Since the year-end, a new bar in Bournemouth has launched, alongside a second site in Leeds, leaving the total number of sites on 33.

Be At One’s chief operating officer, Andrew Stones, says the company is planning on doubling that number over the next three to five years.

The company secured a £20m debt facility package through a successful refinancing package with Santander at the end of the year to help finance future growth.

“We are a business that continues to define and lead the specialist cocktail bar market,” said Stones. “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 our next stage.

“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.”

Copyright 2017 EatOut Magazine
Dewberry Redpoint Limited is a company Registered in England and Wales No : 03129594 Registered Office:
John Carpenter House, John Carpenter Street, London EC4Y 0AN, UK, VAT registered, number 586 7988 48.

Design & Development by Eton Digital