Arc Inspirations to launch five new sites amid ‘record’ results
Like-for-like sales grew 18% compared to FY20 and like-for-like sales in Q1 FY22 increased 19% compared to pre-Covid levels in FY19
Arc Inspirations has revealed plans to open five sites in the next six months, creating 500 new jobs, following “record” financial results for the 12 months ending 31 March 2022 as group sales hit £38.9m and profits were £7.5m.
The group said it has seen “exceptionally strong” recovery from Covid-19 disruptions, with sales increasing 27% on a two-year basis. Like-for-like sales grew 18% compared to FY20 and like-for-like sales in Q1 FY22 increased 19% compared to pre-Covid levels in FY19.
When the business was allowed to trade restriction-free from 19 July to 12 December, sales increased 37% in the financial year to March FY20.
Arc Inspirations is the operator of premium bar brands Banyan, BOX and Manahatta. The group said it has improved the business in every way possible to drive recovery as quickly as possible and to maximise all trading opportunities. This includes improvements across people, recruitment, systems, supplier partnerships and property.
Throughout the latest financial year, Arc Inspirations secured an investment of £19m from BGF for a minority stake.
The business said it continues to perform strongly, and expects a period of “significant” growth and another “record” year of revenues and profit for FY23.
Martin Wolstencroft, co-founder and CEO, said: “This was an exceptional and transformational year for our company. We started it with significant restrictions still in place during the first quarter, and we ended it by posting record sales and profits.
“While clearly challenges remain, the business is extremely well-positioned with a clear growth plan, an exceptional pipeline of new sites, strong customer brands and two new strategic partnerships, which when combined will enable the business to capitalise on market opportunities over the next five years.”
