Be At One, the Piper-backed cocktail bar chain, has reported a 47% rise in EBITDA to to £1.6m for the year 31 March 2013, against record sales of £11.6m, up 23% on the previous year.
The 17-strong group, which is set to open three new bars before the end of the year, has also agreed a further £2.5m of funding through Lloyds Banking Group, on top of the £4m facility it secured at the start of this year. It said the funding would help it accelerate its rollout programme.
Like-for-like sales for the year increased by 9.2%, while store EBITDA before head office costs increased 30% to £3.3m. Pre-tax profit stood at £331k, up from £140k the previous year.
In the past 12 months, the group has opened five new sites including Reading, its first site outside the capital, which is believed to be trading beyond expectations, leading it to focus its attention on expanding the brand outside of the capital.
The company said that gross profit margin remained strong during the year at 69% and that going into 2013 -14, the systems that have been implemented during the year would allow it to improve on its drinks and labour margins.
During the year cash flow generated from operating activities increased from £30k to £1.6m, primarily due to the positive trading in the year.
The business continued to invest in new sites during the year with expenditure on fixed assets of £3.4m spent in the period, an increase of £1.8m from the previous year.
The financial position of the business remains strong with total assets less current liabilities increasing to £2.9m in the period from £1.3m in the previous year.
As a result of the investment of cash generated in new sites fixed assets increased from £3.7m to £6.3m.
The company, which is led by Steve Locke, Rhys Oldfield and Leigh Miller, is set to open its 20th site before the end of the year, after securing three new bars, including its second outside London, in Brighton, and its first in the West End.
It has completed on a site in Wimpole Street, off Oxford Street, and exchanged contracts on a further two.
The first is Los Locos in Russell Street Covent Garden, which will be the group’s first late night venue in the West End; the second is Cube Bar in Brighton, which will become the company’s second site outside of London. It is understood to be in advanced talks on a further regional site.
The company plans to have reached 23 sites by the end of March 2014.
