Be At One, the London-based cocktail bar operator, has appointed Zolfo Cooper to advise it on its investment options for future growth, as it looks to double to size of its 10-strong estate in London and eventually grow outside the capital.
As revealed by M&C Report earlier this month, the group, which was founded in 1998 by three former TGI Friday’s bar staff Steve Locke, Rhys Oldfield and Leigh Miller, is thought to be seeking backing from private equity to fund the next stage of its roll out.
According to The Times, the group is understood to have appointed Zolfo Cooper to sell a stake of between 25% and 35% in the business. Analysts value the business at around £15m.
The company is set to open four new sites in London in the next 12 months, including three in the City marking the beginning of an accelerated rate of openings. The new sites will be funded from existing bank facilities.
However, the company said that as new site opportunities are becoming available, “the management are reviewing potential financing arrangements that would allow this rate of rollout to be sustained”.
Outside of the capital, it is thought the company will target locations in Brighton, Bristol, Manchester and York
The appointment of Zolfo Cooper comes as the group reported like-for-like sales of £7.3m, up 8.5% at sites open over a year.
Overall sales for the year ended 3rd April were up by 23% at £8.3m. Ebitda increased by 8.6% to £1.55m and operating profit grew by 9.4%.
The company has also been taking steps to strength its management team as it looks to gear up its expansion plans, with another five sites planned for this year.
At the end of last year, it announced the appointment of Andrew Stones, formerly of Whitbread and JD Wetherspoon, as operations director.
It is also thought to be searching for a financial director, after Zoe Tindall, the formerly of YO! Sushi, who was the group’s acting financial director, left to join Vietnamese-chain Pho.
Oldfield said: “Be At One has had yet another year of strong growth across all our sites. This year has been a year of significant progress for Be At One. We opened a fantastic new site in Shoreditch, strengthened our management team with the appointment of Andrew Stones as operations director and have positioned the company for rapid growth in the coming year.”
