Nightcap secures new site while reporting ‘strong period of trading’

09-Aug-2021 - Last updated on 09-Aug-2021 at 10:30 GMT

Portfolio growth: Nightcap acquired the Adventure Bar Group earlier this year

Multiple operator Nightcap has announced the securing of a new venue in Bristol, alongside strong trading in an update.

The hospitality group, formed by investors Sarah Willingham and Michael Toxvaerd, operates Adventure Bar Group and London Cocktail Club.

It revealed the new Bristol site is part of the London Cocktail Club brand and is expected to open before the end of 2021.

The group is also at various stages of legal negotiations on a further five venues, across several of its brands. The firm traded ahead of expectations since the lifting of restrictions on Monday 19 July, it added.

Several new sites

Nightcap CEO Sarah Willingham said: “I am delighted to announce the first of several new sites for London Cocktail Club.

“After the strong trading update announced in June and continued strong trading since the easing of restrictions, the group is starting to deliver on its national roll-out strategy and continues to look to capitalise on the pent-up demand from consumers and the availability of excellent properties across the UK.”

The Luna Springs venue in Birmingham has traded particularly well amid reopening with its first major event on Saturday 24 July being fully booked.

Significant progress

Willingham added: “Across our bars, it’s clear that since we were able to reopen earlier this year, guests have been making up for lost time, with perhaps an elevated appreciation for our fantastic drinks served in fun and safe environments by brilliant hosts.

"We’re especially delighted with our progress in Birmingham, with both Luna Springs and Tonight Josephine trading brilliantly, which is very encouraging as we make significant progress on our plans to expand this business nationally.”

Nightcap listed on the AIM market of the London Stock Exchange in January, coinciding with the acquisition of London Cocktail Club.

Willingham said: “Our mission and the reason for establishing Nightcap has not changed. We want to grow London Cocktail Club and Adventure Bar Group, especially beyond London. Our immediate focus will be on supporting these businesses and helping them thrive. We will also look to find more great businesses with strong and motivated leadership teams, where we can help to release their growth potential.”