Arc Inspirations, the leading operator of premium bar brands Banyan, Box and Manahatta, has today posted record figures and revealed plans to open five sites in the next six months, creating 500 new jobs.
The announcement, which coincides with the filing of the group’s statutory accounts at Companies House for its most recent financial year, follows investment by BGF, paving the way for a doubling of the business over the next three-to-five years.
Key Highlights in 12 months to 31 March 2022:
• Record group sales and profits, of £38.9m and £7.5m (adjusted EBITDA)
• Exceptionally-strong recovery from Covid disruption, and ensuing growth
• Pipeline of five new sites to open in 2023
• Investment of £19m secured from BGF for minority stake
• Appointment to Board of first ever People & Culture Director
• Two Publican Awards (the industry ‘Oscars’)
Co-Founder and CEO Martin Wolstencroft commented, “This was an exceptional and transformational year for our company.
'We started it with significant restrictions still in place during the first quarter, and we ended it by posting record sales and profits, concluding a new growth partnership with BGF, and being awarded two industry ‘Oscars’ – for best company and best operations team.
“This is a testament to our team and culture. We are now able to contemplate a year without any trading restrictions for the first time since 2019.
'While clearly challenges remain, the business is extremely well-positioned with a clear growth plan, an exceptional pipeline of new sites, strong customer brands and two new strategic partnerships, which when combined will enable the business to capitalise on market opportunities over the next five years.”
On expansion, Martin said, 'In the year itself we opened two new flagship venues; a Manahatta, in Temple Street, Birmingham – our first site in the Midlands – and a Box in Deansgate, Manchester. These sites are now among our highest revenue-generating venues in the group, and give the board great confidence as we enter a significant period of growth.
'To this end, we have identified five new prime sites in key cities to our property pipeline, which are expected to open in the current year. As a result, we will open three new Manahatta cocktail bars, in Newcastle, Nottingham and Sheffield; and two new BOX premium sports bars in Nottingham and Birmingham. The investment in these five openings will in total create 500 new jobs.
'We continue to seek more site-growth opportunities in key cities across the country, with our plan to double the size of the business in the next three-to-five years.'
