Bar operator bounces back from pandemic with record results
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Premium bar operator Arc Inspirations has unveiled record trading figures since reopening, with sales since “Freedom Day” – 19 July 2021 – up 42% versus the same period pre-pandemic, in 2019.
This performance from the Leeds-based group, which operates bar concepts Banyan, BOX and Manahatta, has delivered total sales of £17.5m since April 2021, and EBITDA in the first half of its financial year, of £3.7m, more than double the same period 12 months ago.
It includes a record sales week in August for the group, when it achieved sales of more than £1m across its 18 venues, propelled by brunches, events and record pre-booked sales.
It means the group is on course for a record year in terms of both revenue and profit, which in the full year to 31 March, 2022, is expected to see revenues surpass £38m and profit projected to surpass £8m (EBITDA).
The numbers come amid a brace of landmark openings for the group, with more planned in 2022.
In October, Arc unveiled a new 7,000 sq ft Manahatta bar in Birmingham city centre, and this weekend – 27 November – it will also open an 8,000 sq ft BOX premium sports bar and lounge in Deansgate, Manchester.
The group is planning further openings next year, with deals close to completion in regional cities in the North and Midlands.
The new recently-opened Birmingham site has opened successfully, with sales in excess of £75,000 per week.
CEO Martin Wolstencroft said: “We are delighted with this outstanding performance and are extremely proud of the tremendous, continuous efforts shown by our teams – our success is testament to their strength and resilience.
“We’re determined to continue to build on this very strong momentum and are making excellent progress on our growth ambitions.
“We have secured two further new sites which we expect to open in the next 12 months and are actively exploring more opportunities in new cities as we continue to build a meaningful pipeline for our brands.
“Therefore, while it has of course been the most challenging of times, we look forward to the future with great confidence.”