The group, which is led by former Dragons’ Den investor Sarah Willingham and Michael Toxvaerd, attributed the performance to pent-up consumer demand for experiential socialising with money saved during the pandemic.
The period covered the first quarter of Nightcap’s financial year from 26 June to 26 September 2021, in which it recorded net sales of £7.6m and produced a strong balance sheet with cash at the bank of £12.2m.
New bars to open
London Cocktail Club (LCC) saw increased total net sales by circa 55% over 2019, with like-for-like sales up 52% compared to 2019. Meanwhile, LCC is set to open bars in London, Reading and Bristol this month (November), which will bring the total number of locations to 22.
Nightcap’s nine-strong Adventure Bar Group, which operates nine bars in London and Birmingham, including brands Tonight Josephine and Blame Gloria, increased its total net sales by circa 75% and with like-for-like sales up by 24% for the same period in 2019.
Nightcap chief executive Willingham said: “I am delighted to announce this upgrade of our expectations for Nightcap’s first year, as a result of such strong performance across the group. Our teams have been incredible, working tirelessly to meet the unprecedented consumer demand following the reopening of nightlife as lockdown measures lifted. I can’t thank our customers enough for their continued loyalty and commitment to helping, not just Nightcap, but the hospitality industry as a whole.”
‘Excellent sites’ expected to become available
She continued: “Nightcap was built during the Covid-19 global pandemic to acquire and expand leading brands in the drinks-led bar sector and while the macro-economic climate remains uncertain, we believe that this uncertainty is core to our opportunity.
“As anticipated, new sites are becoming available as the fallout from the pandemic continues. We expect the end of the rent moratorium in March 2022 to further improve availability of excellent sites.
“With the opening of three new sites in November and a further 23 sites in legal negotiations or under offer, we are confident both in the strength of our bar concepts and in our ability to continue our rapid expansion across the UK.”