ARC Inspirations Reports Significant Sales Growth Upon Reopening
Premium bar operator Arc Inspirations has announced positive trading figures, with revenues up more than a third since reopening, compared to the same period prior to the pandemic, in 2019.
The Martin Wolstencroft-led business, which operates 17 venues – predominantly under its three growth brands, Banyan, BOX and Manahatta – reopened all but two venues on 12th April 2021 as restrictions on outdoor trading eased.
All sites resumed trading on the 17th May when hospitality was allowed to welcome guests back indoors, since when, the group has registered record sales, up 35%, versus the same period two years ago, in 2019.
Commenting, Arc Inspirations Co-Founder and CEO Martin Wolstencroft, said “To be delivering this performance in our business before restrictions have fully fallen away is testament to our fantastic teams, who have embraced the challenging situation and shown tremendous adaptability, plus a real desire to make the return of hospitality brilliant for our guests. We think it says a lot about the very strong culture that underpins our business and also the huge consumer demand for what we deliver every day.”
Many of Arc’s 17 bars and bar-restaurants have recorded record sales weeks since reopening despite capacity restrictions and staffing challenges, including a stand-out performance from its Banyan venue at Corn Exchange in Leeds city centre, which took nearly £150,000 in one week.
In the face of the challenges brought about by the pandemic, the company has kept in place its long-standing incentive scheme which sees teams from the best-performing bars taken skiing to Meribel in the French Alps every spring. The group is also running an additional incentive trip of a New York study tour if the company hits an EBITDA (underlying profit) stretch target.
Wolstencroft added: “As an industry, we have faced enormous challenges over the past 18 months and while there are clearly more ahead, we are proud to be seeing this level of sales performance. It’s been a real collective effort, with teams moving venues to cover shifts – including the senior management team – and everyone digging in, staying committed and helping us to rebuild together. Our teams have been relentless with their positive work ethics, fighting for success and helping us to come back stronger than ever.”