Be At One boosts like-for-like sales by 13%
London cocktail bar operator Be At One (B@1) has seen like-for-like sales climb 13% over the past 12 months, despite tough trading conditions.
The company, which runs nine bars in central London locations, also indicated that it planned to open a further eight sites in the capital within the next two years.
Group sales increased to £6.75m for the year ending 31 March 2010, with earnings before interest, tax, depreciation and amortisation (EBITDA) up 22% to £1.4m. The company has net debt of £1.2m.
Be At One was founded in 1998 by former TGI Friday's employees Rhys Oldfield, Steve Locke and Leigh Miller. The first Be At One started trading in Battersea. The company now runs nine bars and offers 190 cocktails. Its latest site opened in Spitalfields in July 2009. It plans to open three sites in 2010, the first of which will be in Shoreditch later this summer. Another five sites are planned for 2011/12.
Co-founder Oldfield said: "2010 is set to be another exciting year of growth for the company. We are on schedule to bring our popular Be At One concept to three new sites across London. Our offering continues, as it has for 12 years, to be in line with what our customers expect - an infectious party atmosphere fuelled by high quality cocktails."
Cocktail entrepreneurs buy 10th Be At One site >>
Be At One defies recession with 120% increase in annual profit>>
Be At One boosts like-for-like sales by 16%>>
Spitalfields wine bar is ninth site for Be At One>>By Neil Gerrard
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