Arc Inspirations, the 10-strong Yorkshire bar operator, is seeking private equity investment as it announces the appointment of its first finance director, managing director Martin Wolstencroft has told M&C Report.
He also revealed that the company is looking to open a new concept themed around New York at a site in central Leeds this year.
Andy Whelan, former senior manager within the audit department at KPMG, took the role of finance director this month.
Wolstencroft said: “The main purpose is to give myself and my team greater support so we can operate the business more effectively.”
He said a “few chats” have taken place about possible funding options, with the group looking for private equity investment.
“We are looking for funding partners, because last year we spent nearly £2.5m. We are opening two more sites this year so we are looking for various funding partners and options.
“It just needs to be right for us. We’re not desperate for it but it’ll help us. Maybe instead of doing two this year we’d do four or five. It will gear us up for the future.”
Wolstencroft said he will be visiting New York in March to take inspiration for its next Leeds opening.
The company also plans to open another of its Pit sites in Harrogate this year.
