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.
