Leisure operator Arc Inspirations has posted record revenues of £38.9m after announcing plans to open five new sites in the next six months, creating 500 new jobs.
The Leeds firm operates 18 Banyan, Box and Manahatta bars and restaurants across the UK including in Newcastle, Birmingham and Manchester and has plans to double in size in the coming years. The company has posted a 27% rise in sales in the year ended March 2021, with like-for-like sales up 18%. It said that when its venues were allowed to trade restriction-free, from July 19 to December 12, sales were up 37% on the same period prior to Covid.
It said the strong momentum has continued into the new financial period, with like-for-like sales in Q1 up 19% compared with the same period in 2019, before the pandemic. During the year it also concluded a new banking agreement with HSBC, including a separate £5m facility for capital investment, and in March it agreed a deal with investors BGF to inject £19m into the business in return for a minority stake.
Read more: Northumbrian Water pays first dividend in three years
The year also saw Arc open two new sites with a Manahatta in Birmingham – its first site in the Midlands – and a Box in Deansgate, Manchester. It now plans to use the investment to drive further expansion with five sites set to open in the current financial year. It will open three new Manahatta cocktail bars, in Newcastle, Nottingham and Sheffield, plus two new Box sports bars in Nottingham and Birmingham. The investment will create 500 new jobs.
Co-founder and CEO Martin Wolstencroft said the firm is seeking more opportunities in key cities across the country to aid its plan to double the size of the business in the next three-to-five years.
He said: “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.”
READ NEXT:
Tyneside leisure destination Newcastle Stack set to return
Cleveland Containers wins North East Company of the Year
Industrial parks named in tribute to the Queen start on site
