Rocket Leisure secures £6.4m loan to boost expansion

Live music operator Rocket Leisure has secured a £6.4m loan from digital bank OakNorth to refinance an existing facility, acquire the freehold on its Venn St site and expand with additional 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 platform for dozens of bands and up-and-coming talent.

Russell Taylor, co-founder and director of Rocket Leisure, said: “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, added: “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.”