The group has announced it has entered into an asset purchase agreement to acquire certain assets of DC Bars Limited and Tuttons Brasserie, operated by CG Restaurants & Bars, in a £4.65m pre-pack deal.
As part of the terms of the deal, £4.15m will be paid in cash on its completion and a further £500,000 will be payable based on certain conditions being met. Nightcap will employ all staff from Dirty Martin’s bars and Tuttons restaurant as part of the acquisition.
Nightcap operates The Cocktail Club, Barrio Familia, The Adventure Bar Group, and Tonight Josephine bar brands, of which it has around 40 sites across the UK. It describes the Dirty Martini bars and brand as being complementary to it existing estate of brands and says it believes the purchase offers significant rollout potential.
“Dirty Martini’s late-night bars operate in a similar way to ours. They have great bars in excellent locations with impressive fitouts, following over £10m of capital investment,” says Nightcap CEO Sarah Willingham.
“We will embed the Dirty Martini site operations into our existing head office infrastructure and expect to see synergies across the business as we continue to grow.
“This is the fourth acquisition in under three years and marks yet another important strategic step toward building the UK’s leading bar group.”
Dirty Martini operates five bars located in London, as well as venues in Birmingham, Bristol, Leeds, Manchester and Cardiff.