Arc Inspirations' funding doubled to almost £7m by bank

The Yorkshire-based operator that runs the brands Banyan Bar & Kitchen, The Box and Manahatta said the deal will accelerate its expansion.

The bank will double the bar brand’s existing funding to almost £7m, in the new facility.

Plans to increase the group’s current portfolio of 18 sites will be expedited by the funding.

New sites

Sites in Leeds and Manchester are set to open in the next few months.

A Box premium entertainment bar in Leeds city centre will open next month, in addition to a new Manahatta cocktail bar and a Banyan bar-restaurant in Manchester in October.

Finance director Andy Whelan said: “We have in the past four years of working with Santander developed a very good relationship so are delighted to have reached this new agreement, after a highly competitive process.

“That we were able to secure this new and expanded funding at a time when some hospitality businesses are reporting both difficult trading and a challenging funding environment speaks to the clearly differentiated position of Arc Inspirations and our vision for the business, which Santander shares.”  

'Outstanding results'

Santander said it was excited to work with the business as it expanded its site list.

Nick MacHugh, relationship director at Santander, said: “Arc Inspirations is a business we know well and clearly continues to perform strongly in its chosen markets. Martin [Wolstencroft, CEO], Andy and the management team continue to deliver outstanding results thanks to a mix of strong and clearly defined brands, and an unwavering commitment to delivering exceptional customer experiences.

“We look forward to continuing to build on our partnership with the business and are delighted to be able to support their exciting growth plans.”