Nightcap trading ‘significantly ahead’ of expectations

By Stuart Stone contact

- Last updated on GMT

Growth plans: 'On the back of the strong recent trading performance, the group continues to expand its opening pipeline for the next three years'
Growth plans: 'On the back of the strong recent trading performance, the group continues to expand its opening pipeline for the next three years'

Related tags: London, Birmingham, Bristol, Adventure Bar Group, Pubco + head office, Finance, Coronavirus

The firm behind London Cocktail Club and the Adventure Bar Group has revealed post-lockdown revenues almost matched the figures recorded during equivalent weeks in 2019.

Co-founded by ex-Dragon’s Den investor Sarah Willingham, the operator of 19 sites across London, Bristol and Birmingham revealed group revenues in the three weeks from Monday 17 May – when indoor trading was allowed to resume – to 6 June, stood at 92% versus with the same period in 2019.

When compared on a like-for-like basis, the bars traded at 53% growth during the same period. 

Over the same three-week stint, the London Cocktail Club – which Nightcap purchased in January – saw revenues grow 83% from 2019, or 69% on a like-for-like basis. 

What’s more, Nightcap's latest acquisition, Adventure Bar Group​, saw revenues climb 96%, or 46% on a like-for-like basis, including a weekly sales record in excess of £520,000 across its nine bars. 

Adventure Bar Group’s two most recently opened venues, Luna Springs and Tonight Josephine in Birmingham, are said to have performed particular well.

Significantly ahead of the board's expectations

These figures come after Nightcap revealed that it had raised £10m through a share placing​ in order to further its investment strategy and to roll out its recent acquisition of Adventure Bar Group in May for an undisclosed sum​.

“Whilst we look forward to all Covid-related restrictions being lifted on 21 June 2021, in line with the Government's previous guidance and the bars being able to trade to their full potential, we now have confidence that all sites will continue to trade well even if the current capacity restrictions remain in place,” Nightcap said in a trading update. 

“The strong sales performance since re-opening is significantly ahead of the board's expectations, given that the bars have restricted capacity due to social distancing requirements.” 

Following its purchase of the London Cocktail Club in January, Nightcap stated that it harboured hopes of expanding to 40 sites nationwide​ in the next five years.  

“On the back of the strong recent trading performance, the group continues to expand its opening pipeline for the next three years,” it added. “Our management teams are travelling around the UK looking for new properties and we have a number of sites that are currently in legal negotiations across several of the group's brands.”

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