Red Engine secures £70m funding to drive expansion
As the operator of the social darks and shuffleboard brands, it has secured an additional £10m in debt financing from Barclays, HSBC and Santander UK
Red Engine, the owner of Flight Club and Electric Shuffle, has reportedly expanded its lending facility to £70m to support its new venue openings in the UK and overseas, according to Sky News.
As the operator of the social darks and shuffleboard brands, it has secured an additional £10m in debt financing from Barclays, HSBC and Santander UK. The new funds increase a £60m facility agreed with the same lenders in April last year.
It is understood that the funding will accelerate Red Engine’s expansion plans amid growing consumer interest in activity-led entertainment, often referred to as “competitive socialising”.
Flight Club opened its first site in Shoreditch, London, a decade ago and has since grown to more than a dozen venues. Meanwhile, Electric Shuffle recently added a new bar at King’s Cross in the capital.
Ross Shepley-Smith, chief financial officer of Red Engine, told Sky News: “Flight Club and Electric Shuffle have always been about bringing people together for incredible experiences. This investment allows us to continue our growth, open more venues, and keep innovating for our guests.”
Red Engine’s growth comes as activity-based bars gain traction across Britain despite wider pressures on household spending. Advances in leisure technology and the popularity of group-based entertainment have fuelled the sector’s recent expansion.
