The refinancing, through HSBC, will consolidate the group’s existing debt facilities, totalling £5.5m, with the remaining £4.5m to finance capex on new sites.
Night cap currently operates 31 venues across its Adventure Bar Group, Barrio Familia, and The Cocktail Club brands with three more sites in the final stages of fit-out and a further 22 venues under offer or negotiations.
“When we listed Nightcap on AIM and embarked on a company and new site acquisition programme last year, we knew that we would want to consolidate our debt facilities with the right banking partner,” says CEO Sarah Willingham.
“We have taken our time and at the end of a very competitive process we are delighted to have successfully agreed our Group refinancing. We are over the moon to be partnering with HSBC, who have proven themselves as long-term supporters of our sector.
“The £10m debt facility will support our growth plans for the coming years as we make good on our mission for Nightcap to become the UK’s leading cocktail bar group.”