Arc fuels growth with funding
BAR and restaurant operator Arc Inspirations is set to open more venues after receiving £3m in funding.
Established in 1999 by founders Chris Ure and Martin Wolstencroft, Yorkshire’s Arc Inspirations now owns and operates 11 bars throughout the region, employing more than 500 people. Turnover is forecast to increase by 65% to £18m this financial year following the success of the Pit sites recently opened in Harrogate, Leeds and Chapel Allerton and Banyan in York.
The £3m from Santander Corporate & Commercial will fund further expansion with a New York-themed bar Manahatta opening early November 2014 on Merrion Street in Leeds. A number of new sites are also planned for 2015. Based on its successful business model of providing a wide range of premium quality food and drinks in exceptional environments, the group’s strategy is to open five to 10 new units over the next five years.
Andy Whelan, finance director at Arc Inspirations, said: “The business has had a fantastic performance over its first 15 years, growing to 11 units with no external funds. Based on our strong and proven business model, we now believe the time is right to work with Santander to accelerate our expansion.”
Tavia Sparks, relationship director for Santander Corporate & Commercial, added: “Arc decided the time was right for further investment to grow the business. Arc is a highly professional and progressive business and an excellent example of a Yorkshire company which has maintained a strong portfolio, even during challenging economic times. The growth achieved is a testament to the commitment and ambition of Chris and Martin and we are excited to support the business as it grows further.”
