• Founded in 2010 by brothers, Russell and Howard Taylor, and their business partner, Tom Jackman, the business has since grown to four sites across London;
• Across all four venues, they put on over 1,000 gigs a year, attracting over 6,000 customers each week;
• The capital from OakNorth will enable the business to purchase the freehold on its Venn St site, enhance its financial strategy, and continue growth through new opportunities;
• According to research from Nielsen IQ, more than three-quarters (78%) of consumers say they are more likely to visit a pub or bar if it offers live music.
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £6.4m loan to Rocket Leisure, a trailblazing hospitality business celebrated for its incredible live music events and outstanding hospitality, to refinance an existing facility, acquire the freehold on its Venn St site, and expand with additional future sites.
Founded in 2010 by brothers, Russell and Howard Taylor, and their business partner, Tom Jackman, the business has since grown to four sites across 13,500 sq.ft. – Venn Street Records and Northcote Records in Clapham, Old Street Records in Shoreditch, and Eastcheap Records in the City of London. Across all four venues, they put on over 1,000 gigs a year, attracting over 6,000 customers each week, and providing a unique platform for dozens of bands and up-and-coming talent.
Russell Taylor, Co-founder and Director of Rocket Leisure, commented on the transaction: “Given our 14-year track record and the fact that all our sites are greatly profitable, there were several lenders that were happy to look at this transaction. However, we ultimately decided to go with OakNorth as we’ve known and been speaking with the team for years, and feel their entrepreneurial approach and can-do attitude is aligned with ours. Now felt like the right time to partner on our future growth, and OakNorth was able to design a structured finance package that will facilitate and catalyse this. We’re excited to be expanding our unique proposition and look forward to welcoming customers – old and new – to future sites.”
Deepesh Thakrar, Senior Director of Debt Finance at OakNorth, continued: “The challenges facing pubs and bars are well-known and documented, but Rocket Leisure is a business that stands out and has demonstrated its resilience time and again. We have been following the business for years and through Brexit, COVID, and the ongoing cost-of-living crisis, it has continued to operate and grow. Russell, Howard, and Tom are a great team with extensive experience, having all worked in the hospitality sector for over 17 years. In the past year, they have viewed over 50 potential sites, so are incredibly selective when it comes to site selection, and know what they’re looking for. Over the years, they’ve built a loyal and engaged customer-base with tens of thousands of followers on social media, and a unique proposition with live music almost every night. We’re delighted to be supporting them in their growth journey and look forward to visiting their new sites as and when they open in the future.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, empowering the lower mid-market (businesses with £1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
• Lent over £12bn to these businesses, directly helping with the creation of 47,000 new jobs and 29,000 new homes;
• Provide deposit services to over c.285,000 savers.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
OakNorth, Valentina Kristensen, Corporate Affairs Director
[email protected] / [email protected] / 0757 234 9009
Rocket Leisure, Fiona Trinder-Rose, Head of Marketing
[email protected] / 0782 334 7580