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Beds and Bars considers New York site options

By M&C Report , 24-Jan-2013
Last updated on 24-Jan-2013 at 09:29 GMT2013-01-24T09:29:35Z

Beds and Bars, the pub-meets-hostel operator, has told M&C Report it is “actively considering” three sites for its first US opening in New York and is looking for new locations in London.

The company, which is currently planning a £2m investment at its Village Hostel in London’s Borough, said it has been in detailed discussions with New York’s City Hall about adapting its “zoning” planning policy ahead of the planned US opening of its St Christopher’s Inn brand.

“Beds and Bars is actively considering three sites in New York City, and is working with local property advisors to this end,” it said.

The firm said it’s currently negotiating with planning authorities to add an extra 200 beds to the Village Hostel. The existing hostel and the Belushi’s attached will be refurbished. “The company is also actively searching for new properties in London, to add to the existing portfolio of backpacker accommodation and bars.”

The company’s next site, opposite the Gare du Nord station in Paris, opens in “early summer”.

Beds and Bars reported a 7% rise in EBITDA to £3m in the year to 31 March. Like-for-like sales grew 5%. Turnover increased 4.9% to £27.8m, although pre-tax profits fell 17.3% to £347,683.