Mike Tye has joined Arc Inspirations as chairman, becoming a non-executive director on the board alongside Arc co-founder Chris Ure and the BGF’s Barry Jackson.
Non-executive director Steve Richards, also current CEO of Parkdean Resorts and chair of UKHospitality, has decided to step down after nearly five years in the role.
Tye is a former CEO of Spirit Group and has more than 30 years of board and leadership experience in hospitality. Currently the chairman of the Big Table Group, he has also previously served as chairman of Haulfryn Group and Moto Hospitality Group.
During the executive phase of his career, Tye led a number of leisure businesses including Premier Inn, Costa Coffee, and David Lloyd Leisure.
He will support the management team with recently announced expansion plans that involve opening five sites within the next 12 months, amid plan to double the business in the next three to five years.
The operator of the Banyan, Box, and Manahatta premium bar brands also reported record sales and profits for the 2022 financial year.
The BGF-backed business is seeking more growth opportunities in key cities. It expects to produce another record year of revenue in the 2023 financial year.
Martin Wolstencroft, CEO, said: “This is a cornerstone appointment for us following the successful conclusion of our recent investment process with BGF (Business Growth Fund), as we take our business into the next phase of its growth and development.
“Mike is one of the standout business leaders in our industry; his knowledge and expertise is absolutely second to none, and we are delighted to welcome someone of his calibre to Arc Inspirations. It is a real coup for us and speaks volumes for the strength of our business and the opportunities we have in front of us.”
Tye said: “I’ve followed Arc’s progress for a number of years and it’s clear that Martin and his team have built a high quality and brilliantly well-run operation, with great consumer propositions, and outstanding growth prospects. I’m delighted to join the board, and am looking forward to what promises to be an exciting time ahead, as we work together to bring even more success to the business.”
Of Richards’ contribution, Wolstencroft commented: “We are extremely grateful to Steve for the invaluable guidance, support and wise counsel he has provided to the business and the management team over the past five years. In that time, we have significantly developed the strategic framework of the business and our brands – around our cluster model – and we have massively increased and upskilled the capability of the organisation.
“At the same time, we have worked through the challenges and stresses of the pandemic, refinanced the business with HSBC, brought in external investment with BGF and delivered a record financial performance in our most recent year. He has played a key role in helping us to deliver all of this and in shaping our business into the thriving operation it is today, and one that is ready to expand further and grow.”
