Arc Inspirations secures new funding to support expansion

Banyan Manchester

Leading bar and restaurant operator Arc Inspirations is set to open more venues after receiving £1.5m in funding from Santander Corporate & Commercial.

The Leeds-based company, which owns and operates 13 sites throughout Yorkshire and the north-west, has secured the finance through the bank’s Growth Capital Loan scheme.

It will be used to open two new sites, starting with another under the name of Banyan Bar and Kitchen in Leeds city centre, which is planned for April 2016, creating 30 to 40 new jobs.

Arc Inspirations intends to continue to expand at a rate of two sites a year, with the aim of reaching 20 sites over the next three to five years.

Turnover is forecast to increase by 27% to £24m this financial year after the success of Banyan Bar and Kitchen-branded sites that have been in Harrogate, York, and Manchester (pictured).

Arc Inspirations chairman Chris Ure said: “We are pleased to continue our relationship with Santander which has helped us with recent new openings of Banyan Bar and Kitchen in Manchester and Manahatta in Leeds, as well as the refurbishment of our Banyan Bar and Kitchen in Harrogate.

“The business is going from strength to strength and we are very excited for our next new opening in City Square Leeds this spring.”

Santander Corporate & Commercial’s Growth Capital loans are targeted at businesses with annual turnovers of up to £50m which have demonstrated a history of high year-on-year growth in turnover, profit or employment. The facility is part of the bank’s Breakthrough product suite, which is aimed at fast-growth, ambitious businesses.

Tavia Sparks, relationship director for Santander Corporate & Commercial, said: “Arc is a valued customer and one of the UK’s leading independent bar and restaurant operator and we are delighted to support their continued growth plans. Santander Growth Capital funding is a unique funding solution to help management teams achieve their expansion plans.”

Previous Bartenders announced for Tequila Casco Viejo competition final
Next New deal brings Victory beers from Pennsylvania to the UK