Be At One sales boosted by new venues

UK cocktail bar chain Be At One has reported “strong progress” in its full-year results as the business continues to “actively seek” new sites.

Be At One reports “strong” growth in the period to 2 April 2017

The group attributed its performance to its “highly-differentiated” consumer offer and “continual” innovation in team, brand and design.

During the period to 2 April 2017, turnover increased to £36.9 million, up from £29.8m, driven by a combination of new bars, the full-year performance of sites that opened in the previous period and strong like-for-like (LFL) sales performance from the existing sites.

Store adjusted EBITDA rose 20% to £1.5m with group adjusted EBITDA increasing 9% to £5.1m. Gross profit margin “remained strong” during the year at 72.6%.

During the period the company disposed of two sites and made an impairment against a further two sites.

Three new bars opened in Birmingham, Liverpool and Nottingham as part of the firm’s out-of-London expansion.

Since the year-end, sites have opened in Bournemouth and in Leeds.

The company continues to “actively seek” new venues and have a “strong pipeline” for the year ahead.

“The group has witnessed strong and uninterrupted revenue growth for more than a decade, delivering consistent like-for-like sales growth, and is well-positioned for continued expansion,” said Andrew Stones, chief operating officer.

“The headwinds confronting the wider leisure and hospitality industry have been well documented, but we are confident in our business model and pressures on consumer spending are likely to work in our favour, with consumers seeking out differentiated, high quality experiences.”

Founded in 1998, Be At One currently operates 33 sites, with 17 in London.