Arc Inspirations, the bar group which operates premium bar brands including Banyan, BOX and Manahatta, is set to debut in Scotland when it opens its first Manhattan bar in Edinburgh this summer. It follows the announcement that it has raised £7m after securing a £4m loan from its banking partner, HSBC UK, and a £3m equity injection from its shareholders, including BGF which has backed the business since 2022.
The investment will, says the group, accelerate its expansion across the UK as it gets ready to deliver at least four new openings per year over the next five years.
Manahatta Edinburgh, the brand’s tenth venue, and the groups 21st (6 Banyan and 5 BOX), will be the next cocktail bar launch and it is promising to bring the beat of New York to Edinburgh. The company is also eyeing further launches in London, Liverpool, and Cardiff in 2024.
Co-Founder and CEO Martin Wolstencroft, said, “We’re grateful to the HSBC UK team and to our shareholders who continue to believe in our business and support us on our ambitious growth journey. Together we have achieved a number of key milestones, with four successful new site openings in 2023, and our most successful festive period to date. Each success is testament to our team and culture, and I thank each and every member of our team as we continue to build what we believe is the best bar business in the country.”
James Sawley, Head of Retail & Leisure at HSBC UK, said, “Arc Inspirations is a homegrown success story and we’re delighted to build on our relationship and provide further investment to this resilient and ambitious business.
“Arc has already achieved impressive scale, and our support has enabled Martin and his team to deliver significant growth in recent years. With a strong balance sheet, outstanding leadership team and proven concepts, we are confident in Arc’s ability to succeed in new, untapped markets across the UK, and we wish the team every success with the next stage of their exciting growth plans.”
Established in 1999, the Leeds based bar and restaurant operator opened BOX sites in Nottingham and Birmingham, as well as two Manahattas in Newcastle and Sheffield in 2023. Arc operates a cluster model, running premium large-scale bar sites, under complementary brands in key cities in the Midlands and the North of England. It currently employs 1,000 people and its growth plans mean it will recruit a similar number again, over the next three-to-five years.
Picture: Arc Inspirations, Manahatta Sheffield