Be At One aiming to reach 120 sites

By Mark Wingett

- Last updated on GMT

Be At One is confident about its expansion plans
Be At One is confident about its expansion plans

Related tags: Depreciation

Be At One, the Piper-backed cocktail bar chain, is confident that it can eventually grow its estate to 120 sites in the UK, after reporting a 9% increase in like-for-like sales for the year to 30 March 2014, according to the PMA’s sister title, M&C Report.

Since the year end, the company, which saw turnover in the year climb 44% to £16.7m and EBITDA (earnings before interest, taxation, depreciation and amortisation) rise 51% to £2.4m, has agreed further new facilities with banking partner, Lloyds Bank, which match its expansion plans for the next 18 months.

The group, which has agreed terms on a further three sites outside the capital, including the brand’s first in the north-west, has also completed the acquisition of the Moonlighting in Greek Street, Soho.

The 3,000sq ft basement bar has a 3am licence and is located close to the junction with Old Compton Street.

Following last month’s acquisition in Bath, Greek St will become the company’s 24th site. It plans to have 30 bars open by the end of March 2015.

The company, which reported a second year of 9% like-for-like growth, invested £3.4m in five new bars in the period, with three of these being outside London — Reading, Brighton and Milton Keynes.

It is thought that following the positive guest feedback from the opening of its first four sites outside London, the group is confident it can grow its estate.

As part of the expansion, the company, which was founded by Steve Locke, Leigh Miller and Rhys Oldfield, is currently looking to appoint a property director.

Seb Howard at CBRE acted for Be At One in an off-market deal.

Related topics: MA500 Business Club

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