The 33-strong group said that the deal, with Santander UK, would fund the next stage of its growth as it looks to accelerate its national expansion programme.
The group, which had generated interest from Stonegate Pub Company, said that together with cashflow, the new senior debt facilities would enable it to expand its
current estate to 70, over the next five years.
In February, MCA reported that Be At One had appointed advisors at AlixPartners to review its funding options, with the business valued at up to c£60m.
The refinancing comes amid continued strong trading for the business, with like-for-like sales growth of 6.5% for the six months to the end of August 2017, versus the same period last year. Group EBITDA increased to £5.5m for the past 12 months on sales of £39m.
Exceptional quality
Toby Rolph, chief financial officer at Be At One, said: “After a very thorough process during the summer months – exploring how we best fund the next stage of our growth – we are delighted to have successfully concluded this exercise with a very competitive refinancing package from Santander.
“That we were able to secure this deal at a time when some other leisure businesses are reporting a challenging debt market and experiencing difficult trading conditions, speaks to the exceptional quality of our business and its continued strong performance.”
The group’s chief operating officer Andrew Stones said: “Our focus on delivering the exceptional Be At One guest experience is clearly paying off, and the conclusion of this process marks the start of the next chapter in our growth. With a strong pipeline and an ambitious growth programme, we look forward to delivering the unique Be At One experience – of high-quality cocktails and excellent service in a great atmosphere – to all of our guests across the UK.”
Be At One was advised by AlixPartners, with Addleshaw Goddard providing legal support.