The leisure venue operator behind Flight Club darts and Electric Shuffleboard will this week announce an expansion of its financing firepower as it seeks to meet growing consumer demand for ‘competitive socialising’.
Sky News understands that Red Engine, whose brands occupy dozens of venues in the UK and overseas, has landed an additional £10m in debt financing from a syndicate comprising Barclays, HSBC and Santander UK.
Money blog: Big retirement age surprise awaits 14% of Britons
The funding, which will be announced on Wednesday, augments a £60m lending facility agreed with the trio of banks in April last year.
Red Engine’s growth comes during a period in which activity-led bars are growing in popularity across Britain despite broader concerns about the consumer spending environment.
Flight Club was launched at a venue in London’s Shoreditch ten years ago, and has since grown to more than a dozen sites.
Electric Shuffle, meanwhile, recently opened an additional bar at King’s Cross in the capital.
Getting a job becomes harder with fewer vacancies – official ONS figures
Got a pair of AirPods? There’s more to them than meets the eye – and it may mean global trade war
‘Make or break’: Chancellor warned businesses can’t take more tax hikes in budget
“Flight Club and Electric Shuffle have always been about bringing people together for incredible experiences,” said Ross Shepley-Smith, Red Engine’s chief financial officer.
“This investment allows us to continue our growth, open more venues, and keep innovating for our guests.”
Be the first to get Breaking News
Install the Sky News app for free
The so-called ‘competitive socialising’ sector has mushroomed in recent years as advances in technology have improved consumers’ leisure experience.
“The Flight Club and Electric Shuffle brands continue to lead the way within the competitive socialising arena and this upsized financing will support additional rollout of these brands across Red Engine’s existing markets,” said James Protheroe, senior relationship director at HSBC Bank UK.
