Hostel operator, Beds & Bars has won planning consent to add just over 250 beds to its London estate and has secured a new £7m facility with HSBC to fund the work.
The new planning consent covers 200 additional beds to its Village flagship hostel site in Southwark, 50 beds to its Hammersmith venue, and eight boutique hotel rooms at its Flying Horse site in the City of London.
At the start of this year, Beds & Bars reported that turnover rose 20% to £33,460k (2013: £27,939k) in the year to 29 March 2014 with like-for-likes up 5%.
The firm posted £3,731k of EBITDA which was up from £2,269K the year before. Profit before tax was £1,46m, a turnaround from a loss of £752k the year before.
St Christopher's Inns is the Beds and Bars brand of backpacker hostels and can be found in London, Edinburgh, Paris, Barcelona, Berlin, Amsterdam, Prague, Bruges, Bath and Newquay.
Attached to the majority of the hostels are Belushi's bars which offers a menu including homemade burgers, and there is international sports playing on the big-screen TVs.