OakNorth supports the expansion of growing London-based cocktail bar chain – Adventure Bar
Adventure Bar is a chain of London-based cocktail bars, with sites in Covent Garden, Clapham Junction and Clapham High Street.
With a focus on creating original, memorable and unique spaces for their customers to eat, drink and socialise, Adventure Bar is one of the rising stars of the London bar scene.
To support their ambitious growth plans, Adventure Bar approached us to support them in the development of their next site in Covent Garden.
The growth opportunity
Tom Kidd, Finance Director at Adventure Bar talked us through his views on the challenges facing growth businesses looking for finance.
‘We didn’t find accessing funding too difficult,’ Tom told us ‘however, what was hard work was finding a bank who understood or wanted to learn the sector which we work in. This had a massive impact on the type of funding we were able to access, which didn’t always fit the way we work or wanted to grow.’
‘OakNorth provided us with a really good service, but importantly understood the quirks of our market, which meant they could structure a loan which really worked. By structuring the loan in the way they did, we’re able to speed up our growth and focus on larger projects.’
How OakNorth helped
We worked with Adventure Bar to create a loan which not only supported the development of their next project, but also gave them access to a working capital facility and consolidate other outstanding debts. To ensure we created the right solution for them, our team guided Adventure Bar through the whole process.
‘Our Account Manager Deepesh held our hand through the whole process, which meant we completely understood how our application was progressing and how our loan was being put together.’
And what does Tom think should be done to help other businesses to realise their growth ambitions?
‘The funding to support growth is out there – business owners just need to look beyond the high street, research and understand the options available to them and find a lender who really understands their business.’
For more information on Adventure Bar, please visit their website: Adventure Bar