Red Engine, the company behind Flight Club Darts and Electric Shuffle, has agreed a £60m funding boost to help it expand further across the globe.
The London-based business has secured the lending facility from Santander, HSBC and Barclays as it prepares to open new venues in the UK, US and Australia.
Over its latest 12 months, Red Engine opened four new sites – with the business planning to expand to 33 venues during 2024, up from 25.
“Loyal customers”
Ross Shepley-Smith, CFO at Red Engine, said: “For the last nine years, everything we have done has been with our customers in mind.
“Our in-house game developers, our interior and design teams, our venue teams of chefs, bartenders and everything in between, have strived to give people the best experience possible.
“It’s because of this that we’ve built such a loyal customer following, and it’s these customers that have made it possible to grow as we have done.
“Our mission has always been to make groups of friends everywhere ridiculously happy, and we couldn’t be more excited to continue that journey with this new facility.”
The news comes after Red Engine announced the turnover at the 15 venues that it directly owns increased to £67m while that total exceeded £100m when the sales at the ten venues run by its franchise partners State of Play Hospitality and NightOwl Entertainment are included.
The figure for Red Engine, which is incorporated as Flight Club Darts Limited, was an increase from the £53.8m in achieved in 2022.
The full accounts for the business have not yet been filed with Companies House and Red Engine has not revealed its pre-tax profit or loss figures for 2023.
In 2022, the company posted a pre-tax loss of £3.1m, having made a loss of £4.4m in the prior year.
Its full accounts are not due to be filed with Companies House until the end of September this year.
“Impressive growth”
Zelmari Geldenhuys, associate director – strategic debt solutions at Santander, said: “Red Engine continues to deliver impressive growth across multiple geographies.
“Santander has supported this growth since 2016 and we are delighted to be able to continue to do so at this important juncture in the group’s evolution.”
James Protheroe, relationship director, consumer industrials, at HSBC UK, added: “HSBC UK is delighted to continue to support the Red Engine group.
“This upsized facility will see the group build out its presence both in the UK and in the US, and further cement the already strong position enjoyed by the Flight Club and Electric Shuffle brands within the leisure and hospitality sector.”
Phil Richardson, hospitality and leisure director at Barclays, said: “Red Engine are a great example of an innovative business in the hospitality sector.
“We’re proud to support them with lending to continue their growth, as they expand their business globally.”