Premium bar brands operator sees turnover climb to £27.2m
Arc Inspirations, the operator of premium bar brands in Yorkshire, including Banyan Bar & Kitchen, BOX and Manahatta, reported a successful period of strong growth and targeted expansion.
The business has released its financial results for the year to 31 March 2019, which include a 16.7% turnover rise from £23.3m to £27.2m, like for like sales up 1.1% and adjusted EBITDA up by 15% from £3.2m to £3.7m.
The business also opened five sites in Leeds, Manchester and Newcastle across a six-month period, with BOX Leeds named as Best New Bar at the Publican Awards.
Arc Inspirations’ performance report states: “The company’s strategy of operating sites in ‘clusters’, with several venues located in close proximity and complementary to each other, each targeted at a different customer demographic, is driving growth.
“The model is proving successful in Leeds city centre with all three brands successfully operating within 100 yards of each other and each site enjoying sales growth.
Chief executive Martin Wolstencroft
“The business has invested over £7.5m during the period, opening five new sites and positioning the company for future growth.
“Arc Inspirations has introduced a number of new innovations across all of its bars during the period such as Budvar tank beer, shuffleboard tables and draught cocktails on tap at the BOX bar in Leeds city centre. It has also expanded its vegan, gluten free and healthy-eating food options, as well as developing food and drink menus and operations to improve quality, profitability and customer experience.
“The company has an exciting period ahead and strategy for further expansion in 2020 and beyond, including plans to expand into new locations across the North and Midlands.”
Martin Wolstencroft, company chief executive, said: “We have enjoyed arguably our most successful year in the company’s history and believe we are now operating at the very peak of the sector, delivering through our continued focus on our people, brands and guest experience.
“Our cluster model is proving successful in our chosen markets and we are actively exploring opportunities for new sites in a number of targeted locations which means there are some very exciting times ahead for the business as we look forward to the full-year contribution of our new sites.”
