UK-based bar operator Arc Inspirations has secured a £14 million (US$18.8m) banking arrangement with HSBC, including £5m (US$6.7m) to invest in expansion.
Arc Inspirations is the company behind bar concepts including cocktail-focused Banyan, New York City-inspired Manahatta and sports bar Box.
The new agreement, which replaces a previous deal with Santander bank, will support the hospitality firm’s ambitions to grow in key cities in the Midlands and North.
“The business is in an excellent position to capitalise on forthcoming growth opportunities, and we are very pleased to be entering this partnership with HSBC,” said Arc Inspirations co-founder and CEO Martin Wolstencroft.
The operator started the year with momentum from two new openings in the fourth quarter of 2021 – a Manahatta bar in Temple Street Birmingham and a Box venue in Deansgate, Manchester.
The firm has also taken on two new sites in key target cities, set to open later this year.
Despite a variety of pandemic-induced challenges for the hospitality sector, Arc Inspirations posted a ‘very strong return to trading’ in 2021, including a seven-day period in August when it brought in more than £1m (US$1.3m) across its 18 venues – its best sales week ever.
The company has forecast a ‘record performance’ for the financial year ending 31 March 2022 in terms of both profits and sales.
“We’re delighted with our recent openings in Birmingham and Manchester, which are further testament to the strength of our people, operations and leading brands, and are excited about the opportunities we have in front of us,” said Wolstencroft.