Nightcap reports 700% increase in revenues

15-Mar-2022 - Last updated on 15-Mar-2022 at 09:16 GMT

Revenues at Bar group Nightcap rose by more than 700% for the 26 weeks to 26 December 2021.

The rise, which is primarily due to the acquisition of Adventure Bar Group in May last year, led to revenues of £15.8m, up from £2m the previous year.

Adjusted EBITDA at the late-night bar group was £2.5m, compared to £0.6m, with the company posting a loss before tax of £0.5m for the period, compared to -£0.3m in 2020.

Growth at Nightcap, which owns the London Cocktail Club brand, was helped by the acquisition last year of Barrio Familia for £4.9m and the opening of three The Cocktail Club venues, taking the total number of sites in the group to 27.

The group says its bars have continued to trade strongly, with like-for-like growth of 24.8% for the nine weeks ended 27 February 2022, compared to the same period in 2020, and up 24.6% compared to 2019.

“Nightcap has had a fantastic half year,” says chief executive Sarah Willingham.

“We have taken the first steps in significantly growing our family of bars, both by adding the Barrio Familia Group in November 2021 and by opening three more The Cocktail Clubs in Bristol, Reading and London. We finished the calendar year with 27 top-quality, late-night bars.”

Nightcap currently has 24 sites in legals or under offer across its portfolio of brands.