Escape room and axe-throwing bar firm XP Factory eyes expansion to 100 sites
XP Factory said corporate bookings for Christmas are ‘significantly ahead’ of last year amid improving demand.
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Your support makes all the difference.Escape room and experiential bar owner XP Factory has said it believes it could grow to as many as 100 sites after recent expansion helped sales jump a third over the past six months.
It came despite the company reporting weaker consumer sentiment over the summer and ahead of the autumn Budget.
However, it said corporate bookings for Christmas are “significantly ahead” of last year amid improving demand.
The firm, which runs the Escape Hunt and Boom Battle Bar brands, has been boosted by growing demand for novelty bar activities like axe throwing, mini golf and augmented reality darts in recent years.
On Wednesday, it told shareholders that revenues jumped by 33.2% to £24.9 million for the half-year to September 30, compared with the same period a year earlier.
XP Factory reported 4% like-for-like growth across the group, as it also benefited from the acquisition of three Boom franchise sites, in Aldgate, Wandsworth and Bournemouth.
It also benefited from the opening of a new Escape Hunt in Worcester in September.
In October, it opened an Escape Hunt site in Glasgow and is due to launch new sites in Cambridge later this week.
The business currently runs 26 Escape Hunt and 31 Boom locations and said recent successes in operating numerous sites in one city mean there is potential for a “significantly longer runway” in its expansion ambitions than previously thought.
There are also 21 Escape Hunt franchise sites.
The company said it now sees scope for around 100 sites as part of its growth plans.
We remain laser-focused on maximising the Christmas trade that is so important in delivering the full year's results
Chief executive Richard Harpham said: “This performance reflects continued volume-driven like-for-like growth across both of our brands, ahead of industry levels.
“Consumer sentiment weakened in the summer and ahead of the UK Budget, softening first-half performance and, whilst we are encouraged by strong early indicators for the all-important festive season, with corporate pre-bookings significantly ahead of 2023, we remain laser-focused on maximising the Christmas trade that is so important in delivering the full year’s results.
“This is a testament to the strength of our offering, the loyalty of our customer base, and the hard work of our teams.”
Shares in the company were 3.7% higher in early trading on Wednesday.