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Thu 11th Jul 2024 - Exclusive: F1 Arcade completes $130m financing round to aid expansion |
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Exclusive – F1 Arcade completes $130m financing round to aid expansion: Kindred Concepts, the parent company of F1 Arcade, the Formula 1-licensed experiential brand, has completed a $130m (£101.2m) growth financing raise to aid its further expansion. The transaction, which was completed yesterday, was backed by Cheyne Capital, Liberty Media Corporation, Permira Credit and OakNorth. Backed by Formula 1 and Liberty Media, F1 Arcade opened its first venue in London in 2022, followed by Birmingham last November. In April this year, the brand launched its first US site, in Boston Seaport. Propel revealed in May that F1 Arcade was working with advisors Houlihan Lokey on the debt raise as it looks to open 30 locations globally by the end of 2027 – including further openings in the US and UK, as well as in Australia, Europe, the Far East and the Middle East. As part of its roll-out plan, F1 Arcade is set to open in Washington DC later this autumn, with a flagship site in Las Vegas to open next year. The company plans to launch multiple owned and operated sites in 2025, with a plan to launch five more in the US each year thereafter. The first franchise sites are also in development. Propel revealed earlier this year that the business had partnered with York-based consultancy The Franchising Centre to find potential international partners. The concept includes state-of-the-art F1 racing simulator experience, coupled with an “exceptional hospitality offering, perfect for groups, families or corporate entertainment”. Adam Breeden, founder and chief executive of F1 Arcade, said: “We are delighted with the outcome of this latest fundraise which will enable us to accelerate our global expansion. Building on the success we have seen for the F1 Arcade concept in both the UK and US, we are focused on building our pipeline of openings into 2026 and beyond.” Gareth Owen, director in Houlihan Lokey’ Capital Markets Group, said: “The competitive nature of this process highlights the strong investor demand for a brand of this calibre, despite challenging financing markets. The exceptional business acumen of Adam and his management team, together with the proven success of the sites in London, Birmingham, and Boston have attracted a sophisticated and high-quality group of investors.” The group’s flagship site in Las Vegas will become its biggest site to date. The concept will open at the Forum Shops at Caesars Palace, which is attached to the destination’s Caesars Palace Las Vegas. Covering more than 21,000 square feet and spanning two floors, the site will feature a terrace offering views of the Las Vegas strip. The venue will also showcase a 41-foot-long bar and a 3,550 square-foot private room.
Sandwich Sandwich to launch second London location this year, confirms debut site in the capital will open next week: Bristol operator Sandwich Sandwich, which last October won the £100,000 top prize in the 2023 Uber Eats restaurant of the year awards, will launch a second London location this year and confirmed its debut site in the capital will open next week. The company, which operates three sites in Bristol, will open 1 Gresham Street on Thursday, 18 July, with delivery available exclusively on Uber Eats. Sandwich Sandwich, which was founded in 2012 and is operated by father-and-son duo Nicholas and Joshua Kleiner, previously said it plans to launch locations both across the UK and internationally, including ten in London over the next two to three years. Nicholas Kleiner said: “When we won the Uber Eats Restaurant of the Year award, we said the investment would help our ambitions to grow, but we didn’t imagine it would be quite so soon. We cannot wait to open our doors in London and see the public’s reaction to our freshly made, locally sourced sandwiches and our famous sweet and savoury treats.” It is understood that the brand’s second London location will be near London Bridge. Sandwich Sandwich, which earlier this year appointed former Comptoir Group chief executive Chaker Hanna as a non-executive director, is also preparing to take its first steps into dark kitchens with Uber Eats.
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