Rocket Leisure, a live music operator, has obtained a £6.4 million loan from digital bank OakNorth. The funding will be used to refinance an existing loan, purchase the freehold of its Venn Street location, and support the company's expansion with new sites.
Founded in 2010 by brothers Russell and Howard Taylor, along with their business partner Tom Jackman, the company has expanded to four locations covering 13,500 square feet. These include Venn Street Records and Northcote Records in Clapham, Old Street Records in Shoreditch, and Eastcheap Records in the City of London. Together, the venues host over 1,000 gigs annually, welcoming more than 6,000 customers each week and offering a distinctive stage for numerous bands and emerging talent.
Russell Taylor, Co-founder and Director of Rocket Leisure,said: “Given our 14-year track record and the fact that all our sites are greatly profitable, there were several lenders that were happy to look at this transaction. However, we ultimately decided to go with OakNorth as we’ve known and been speaking with the team for years, and feel their entrepreneurial approach and can-do attitude is aligned with ours. Now felt like the right time to partner on our future growth, and OakNorth was able to design a structured finance package that will facilitate and catalyse this. We’re excited to be expanding our unique proposition and look forward to welcoming customers – old and new – to future sites.”
Deepesh Thakrar, Senior Director of Debt Finance at OakNorth, added: “The challenges facing pubs and bars are well-known and documented, but Rocket Leisure is a business that stands out and has demonstrated its resilience time and again. We have been following the business for years and through Brexit, COVID, and the ongoing cost-of-living crisis, it has continued to operate and grow. Russell, Howard, and Tom are a great team with extensive experience, having all worked in the hospitality sector for over 17 years. In the past year, they have viewed over 50 potential sites, so are incredibly selective when it comes to site selection, and know what they’re looking for. Over the years, they’ve built a loyal and engaged customer-base with tens of thousands of followers on social media, and a unique proposition with live music almost every night. We’re delighted to be supporting them in their growth journey and look forward to visiting their new sites as and when they open in the future.”