Be At One to double portfolio after £20 million refinancing

L-R, co-founder Steve Locke, CFO Toby Rolph, co-founder Rhys Oldfield, COO Andrew Stones and co-founder Leigh Miller
02/10/2017 - 11:22
Be At One has completed a £20m refinancing deal with Santander as it looks to accelerate its national expansion programme.

The cocktail bar group says the deal will enable it to expand its current portfolio of 33 bars to 70 over the next five years.

Toby Rolph, Be At One chief financial officer, said: “After a very thorough process during the summer months – exploring how we best fund the next stage of our growth – we are delighted to have successfully concluded this exercise with a very competitive refinancing package from Santander. 

“That we were able to secure this deal at a time when some other leisure businesses are reporting a challenging debt market and experiencing difficult trading conditions, speaks to the exceptional quality of our business and its continued strong performance.”  

The refinancing package comes as the group announced its most recent financial results, which showed like-for-like sales up 6.5% for the six months to the end of August 2017 against the same period last year.

The group is owned by the three co-founders of the business, Steve Locke, Rhys Oldfield and Leigh Miller, and Piper, a private equity firm.

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