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Adventure Bar is plotting two new sites in the capital after securing £500k financing
Posted by Billy Wood on 21 Apr 2017
London-based cocktail chain Adventure Bar is looking to acquire two new sites in the capital after securing a new six-figure debt financing deal with OakNorth.
The group, which operates three venues under its Adventure Bar brand along with the recently opened Escapologist bar in Covent Garden, has sealed the £500k debt finance facility as it eyes further expansion.
The chain has already lined up a new site on Waterloo Road near Southbank for its fifth site, which will open this summer, and is currently canvassing for a sixth to follow, both of which will be acquired using the cash from this latest financing deal.
This is the second loan the hospitality operator has received from OakNorth after a £1.1m facility back in October 2015 helped Adventure Bar refinance its existing debt and open its fourth site.
Commenting on the deal, Tom Kidd, co-founder and Director of Adventure Bar, commented: “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, added: “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.“