Be At One Acquires First Site Outside Capital and Grows Prescence in the City of London
February 11, 2013
London cocktail bar chain Be At One has secured two new sites, including its first outside the capital, through leisure property advisers Davis Coffer Lyons.
The 13-strong group has taken the former Sahara Bar on Gun Street in Reading, a ground floor and part-basement property on the remainder of a 20 year lease from 2003, at a passing rent of £36,000 per annum exclusive. Davis Coffer Lyons also assigned the chain the leasehold interest of the former Slug & Lettuce bar at 100 Fenchurch Street in the City of London. The premises are held on a Free of Tie lease expiring 2020, with a passing rent of £91,500 per annum.
The Be At One brand, backed by Piper Private Equity, has now agreed a new £4m banking facility from Lloyds Bank. The group was founded in 1998 by Steve Locke, Rhys Oldfield and Leigh Miller. It has plans in place for a 17-strong estate by the end of Q1 2013, and a goal of growing to up to 30 sites within the next three years.
Davis Coffer Lyons acted on behalf of Liquid Inspiration Limited in Reading, and on behalf of Stonegate Pub Company on Fenchurch Street. Selsian also advised.