Expanding cocktail bar group Be At One has today reported a rise in annual earnings as well as like-for-like sales outperforming the market.
The nationwide business saw turnover increase by 24% to £36.9 million in the year to April 2, 2017, after opening new bars in Birmingham, Liverpool and Nottingham. Adjusted earnings (EBITDA) for the group grew by 9% to £5.1 million.
Now with 33 bars around the UK, including 17 in London, Be At One has launched new sites in Bournemouth and Leeds since April, with plans to increase numbers to 70 over the next five years through a new £20 million financing deal with bank Santander UK. It has a “strong pipeline” of sites for 2018.
Like-for-like sales at the group’s older bars were ahead 6%, above average figures for the bar sector, with like-for-like sales and group turnover building “on a similar trajectory” since April. Gross profit margin remained strong during the year at 72.6%.
Chief operating officer Andrew Stones said: “We are a business that continues to define and lead the specialist cocktail bar market. The group has witnessed strong and uninterrupted revenue growth for more than a decade, delivering consistent like-for-like sales growth, and is well-positioned for continued expansion.
“We believe this is down to our market-leading staff training and development, providing a competitive advantage for the business and serving as the platform for delivering Be At One’s unique experience that we know our customers love. With ambitious growth plans for the future, we are tremendously excited for the next stage of the Be At One story.
“The headwinds confronting the wider leisure and hospitality industry have been well documented, but we are confident in our business model and pressures on consumer spending are likely to work in our favour, with consumers seeking out differentiated, high-quality experiences.”