London cocktail chain Adventure Bar to open new venue in Shoreditch
Cocktail bar chain Adventure Bar is set to open a new venue in Shoreditch after securing a £1.4m loan from OakNorth.
Adventure Bar currently has seven sites – Adventure Bars in Clapham Junction, Clapham High Street, and Covent Garden, The Escapologist in Seven Dials, Bar Elba and Tonight Josephine in Waterloo, and an après-ski bar in Courchevel, France.
This is the third transaction OakNorth has done with Adventure Bar, bringing its total lending to the business to £3m.
This latest loan from OakNorth will be used to refurbish one of Adventure Bar’s existing sites in Covent Garden and open a new site at 39A Hoxton Square, currently known as Electricity Showrooms.
Tom Kidd, co-founder and director of Adventure Bar, said: “Over the last five years, Shoreditch has become one of the most popular party destinations in the capital, as well as one of its most trendy locations for food, drinks and fashion.
“Its proximity to the City makes it a popular choice amongst young professionals and therefore, an ideal location for our next site. We’re delighted to once again be working with OakNorth to fund our expansion – we appreciate all the support they’ve given us over the last three years and look forward to continuing to work with them as we grow.”
Deepesh Thakrar, senior debt finance director at OakNorth, added: “Adventure Bars was one of our first clients back when we launched in September 2015, so it’s been a privilege to see the group expand from its three sites then to the seven it has today.
“The team work brilliantly together and have developed a proposition that is proving to be extremely popular with Londoners and tourists alike. All sites are profitable, including their two new sites in Waterloo which are less than a year old - an impressive feat.
“We look forward to working with the team on more deals in the future and help them continue building on this success.”