Nightcap’s growth trajectory continues

By Nikkie Thatcher contact

- Last updated on GMT

Multiple operator: Nightcap currently has more than 30 sites in its estate
Multiple operator: Nightcap currently has more than 30 sites in its estate

Related tags: Multi-site pub operators, Finance, Nightcap

Multiple operator Nightcap has continued its growth trajectory in the third quarter of its 2022 financial year, which is the 14 weeks ending 3 April.

Unaudited group net sales were £9.6m over the period, resulting in a 52.7% net sales rise against the same period in 2019 and an increase of more than a quarter (27.7%) like for like compared to the 2019 financial year.

For the 40 weeks to 3 April, unaudited net sales were £25.2m showing a 48.6% net sales rise on the same period in 2019 and a 24.4% like-for-like rise compared to the periods in its 2020 and 2019 financial years.

The company has acquired a number of businesses​ since 2020 including Adventure Bar Group, London Cocktail Club and the Barrio Familia group.

New openings

Recently, Nightcap has opened a The Cocktail Club venue in Exeter and an Adventure Bar Group site in Cardiff, which the company stated have both traded profitably from the first week of opening.

In addition, the business also announced the signing of four new leases – a flagship The Cocktail Club venue in Birmingham​ and another venue under the same brand in Cardiff​, a Blame Gloria​ in Bristol and a Tonight Josephine in Liverpool​.

The majority of these sites are expected to open and begin trading before the end of June this year.

Currently, the business has a further 23 sites in legal negotiations or under offer across all its brands including the Barrio brand with it expecting several new site leases to be entered into before the end of June.

Delighted with progress

Its balance sheet has unaudited cash at bank of £7.6m as 3 April 2022.

Nightcap CEO Sarah Willingham said: “We continue to deliver on our promise to build the leading premium bar group in the UK.

“As seen from our Q3 revenue numbers, our run rate revenue is developing nicely. We are mid-build on several new openings, we continue to negotiate on a string of new attractive leases and we have the cash required for our incredible teams to deliver on the strategy for their individual brands.

“We are delighted with how Nightcap is progressing.”

Related topics: MA Leaders Club

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