Leeds-based Arc Inspirations, a leading independent bar and restaurant operator across the North, is set to open more venues after receiving £1.5 million in funding from Santander Corporate & Commercial.
Established in 1999 by founders Chris Ure and Martin Wolstencroft, Arc Inspirations now owns and operates 13 bars throughout Yorkshire and the North West, employing over 550 people. The firm is one of the region’s leading independent bar/ restaurant operators.
Arc Inspirations plans to continue to expand at a rate of two sites per annum with the aim of reaching 20 sites over the next three to five years. Turnover is forecast to increase by 27 per cent to £24 million this financial year following the success of the Banyan Bar and Kitchen-branded sites recently opened in Manchester, Harrogate and York.
The funding from Santander Corporate & Commercial – a £1.5 million Growth Capital Loan – will allow the business to open two additional sites. The first will be a Banyan Bar and Kitchen in Leeds City Centre, which is planned for April 2016, creating 30-40 new jobs.
Santander Corporate & Commercial’s Growth Capital loans are targeted at businesses with annual turnovers of up to £50 million which have a demonstrated history of high year-on-year growth in turnover, profit or employment. The facility is part of the bank’s Breakthrough product suite, which is aimed at fast-growth, ambitious businesses.
Chris Ure, chairman, Arc Inspirations, said: “We are pleased to continue our relationship with Santander which has helped us with recent new openings of Banyan Bar and Kitchen in Manchester and Manahatta in Leeds, as well as the refurbishment of our Banyan Bar and Kitchen in Harrogate. The business is going from strength to strength and we are very excited for our next new opening in City Square Leeds this spring.”
Tavia Sparks, relationship director for Santander Corporate & Commercial, said: “Arc is a valued customer and one of the UK’s leading independent bar and restaurant operator and we are delighted to support their continued growth plans. Santander Growth Capital funding is a unique funding solution to help management teams achieve their expansion plans.”