OakNorth has completed a £500,000 loan to Adventure Bar, the London cocktail bar chain, which will be used to open two new sites.
As revealed by MCA in February the funds will be used to open a site in London’s Waterloo Road and an as yet unidentified sixth bar.
This is the second loan the bank has done with Adventure Bar – the first was £1.1m in October 2015 which enabled the business to refinance their existing debt provider, and open a fourth site. The loan was completed under the British Business Bank’s Help to Grow Programme and follows the £600,000 lent to Notes under the programme last month.
Tom Kidd, co-founder of Adventure Bar, said: “With its proximity to the Southbank, Waterloo has become a popular spot for both locals and tourists – as a result, it experiences oversubscription throughout the week with more people than available places. While there are a number of pubs and restaurants in the area but no cocktail-led proposition - we’re hoping to fill this void.
“We were delighted to have the opportunity to once again work with OakNorth – the bank supported us with the acquisition and development of our fourth site, so it’s great to be working with them again for our fifth.”
Deepesh Thakrar, debt finance director at OakNorth Bank, said: “This deal is especially important to us not only because it is the second loan we have done to Adventure Bar, but it is also the second loan that we have completed under the British Business Bank’s Help to Grow programme since joining in January 2017.
“Adventure Bar is an ambitious and entrepreneurial business – the team have not been deterred by Brexit and the fact that many on their payroll are from continental Europe – instead, they’ve focused on building their proposition and establishing a niche where they can more effectively compete.”