The company, which owns and operates London Cocktail Club and Adventure Bar Group, that operates venues including Tonight Josephine, The Escapologist, and Luna Springs, says it is buying ‘fundamentally strong businesses’ that the pandemic had weakened. It has already announced that it will open new venues in Reading, Bristol and The City of London.
“The rapid roll out of these brands has been aided by a unique opportunity within the property market and we have made excellent progress so far, as we continue to build the property pipelines in key strategic locations across the country,” says chief executive Sarah Willingham.
In its results for the financial year ended 27 June 2021, Nightcap reported pre-tax losses of nearly £5.3m in the year to 27 June 2021 compared with just over £616,000 the previous year. Revenue rose 15% from £5.2m to £6m with adjusted Ebitda increasing 25% to £958,000 in the same period.
“We are really pleased with the performance of The Cocktail Club and the Adventure Bar Group since reopening. Most of our sites have posted record sales weeks and our teams have worked tirelessly to meet the demand from customers,” adds Willingham.
The group says that since the since the start of September it had also benefited from the significant increase in the number of people returning to their offices, given that many of its bars are located in city centres. ”In particular our sites in and near to the City of London are trading better than ever,” says Willingham.
Nightcap intends to grow the business to approximately 40 venues over the next five years.