The company behind the party bar chain Sixes Social Cricket has seen its turnover jump following the launch of its franchise arm, newly-filed documents have revealed.
The Aberdeen-headquartered firm, which was founded in 2020, saw its turnover increase to £7.5m in the 12 months ending August 31, 2023, up from £4.5m in the year before.
Sixes Social Cricket said this had been driven in part by the launch of its new franchise arm, which saw two sites open during the period.
The company, which has locations across the UK including in Oxford, Southampton, London and Leicester, also opened a new non-franchise venue in Brighton, plus its first site in the USA in Dallas, Texas.
Despite an increase in turnover, however, the business saw its pre-tax loss widen to just over £2m during the 12 months, from £1.5m in the year before. It said this was partly down to unforeseen capital expenditures at its most recent site opening.
It added that this unexpected spend “highlighted the challenges the company faces in predicting and managing costs” but that a successful fundraising round which last year raised £2.4m had “provided a cushion to absorb these kinds of financial shocks”.
In addition, Sixes Social Cricket said it had launched a further investment round in July 2024, which it hoped would raise an additional £2.5m to fund the development of its existing sites plus future launches.
In a statement published to Companies House, the firm said: “The group is transitioning into a cashflow positive position, with a projected budget of £2m for the forthcoming financial year, after accounting for head office costs.
“This indicates that, following the current investment round, the company will be able to pursue growth without needing additional investment.
“However, further investment may be necessary to maintain the rapid pace at which the company is expanding.
“The social entertainment space is continuing to grow as consumers increasingly shift from purchasing physical products to seeking out experiences, leading to heightened competition in the market.
“To remain competitive and attract more customers, the brand has been evolving from its traditional cricket roots into a more vibrant and engaging cricket experience.
“However, the customer booking journey has faced some initial challenges and remains an area of ongoing development to enhance the overall customer experience.
“This ongoing assessment helps the company maintain a strong market position while delivering value to its customers.”