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New openings boost Be At One performance

Published:  16 November, 2017

Cocktail bar Be At One has posted a 24% jump in turnover - up £7.1m, to £36.9m for the year ending 2 April, 2017.

The growth was driven by a combination of new bars, the full-year performance of sites that opened in the previous period and strong like-for-like sales from existing sites, which rose 6%, said the group.

Store adjusted EBITDA increased 20% to £1.5m while group adjusted EBITDA increased 9% to £5.1m.

Gross profit margin also remained strong during the year at 72.6%

The group attributed its performance to its “highly-differentiated” consumer offer and “continual innovation in team, brand and design”.

Be At One’s “measured national expansion” strategy saw three new bars added to its portfolio during the period, with the group’s out of London reach extended to Birmingham, Liverpool and Nottingham.

Since the year-end, a new bar in Bournemouth has launched alongside a second site in Leeds, with total sites now 33 of which 17 are in London.

“We continue to actively seek new bars in locations that culturally match our offering and have a strong pipeline for the coming calendar year (2018),” said Andrew Stones, chief operating officer.

During the period, the company disposed of two sites and made an impairment against a further two sites.

Post year-end, the company secured a £20m debt facility package through a successful refinancing package with Santander. This, said Stones, demonstrated the strength of the business and supported the next stage of growth as the business looked to double its portfolio of bars over the next three to five years.

“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.”