Nightcap sees net sales of £15.5m during its first year of trading
The company was incepted in early 2021 and immediately floated in order to acquire the Cocktail Club, the Adventure Bar Group and most recently, Barrio, with accelerated growth expected as plans are already in place for 25 new sites across the UK.
Nightcap CEO Sarah Willingham said: “We are delighted to celebrate our first birthday by announcing such a successful H1 of 2022.
“Despite the Government’s plan B guidelines during the important Christmas trading time, we saw group net sales increase of 46.2% and 22.4% on a like for like basis for the 26 weeks ended 26 December 2021, which is fantastic.
“By floating Nightcap, we were able to use our knowledge and experience in public markets and hospitality, with much-needed cash injections from investors to acquire and invest in popular groups of bars, which have, like many others in the UK, taken on substantial debt since the start of covid.”
Continued expansion
Founded by ex-Dragon and renowned UK businesswoman, Sarah Willingham and public market specialist, Michael Toxvaerd, Nightcap has continued its expansion in 2022 with openings across the country, including the Tonight Josephine site in St Mary’s Street, Central Cardiff.
Willingham’s hospitality successes include the Bombay Bicycle Club, Clapham House Group and Chair.
The entrepreneur has also invested in Tonkotsu, Craft Gin Club and Feast it, as well as previously appearing as a Dragon on the successful BBC TV show, Dragon’s Den.
All new bars in the Nightcap portfolio replicate its uncomplicated business model, which aim to produce a high return on capital to investors and are proving particularly popular with a resilient millennial audience.
The group has reported strong sales growth since covid restrictions were gradually lifted in April 2021 and has an unaudited current balance sheet with approximately £9.4m of cash.
Team effort
Willingham added: “Whilst Michael and I started the Nightcap journey, this success represents a monumental effort from the entire team who we are grateful and excited to work alongside.
“Nightcap was born out of an observation and belief that consumers would continue to enjoy premium drinks-led bars post the pandemic. Since re-opening we have seen unprecedented demand across our sector, even during times with restricted trade.
“With our current healthy bank balance and ambitious growth strategy, I am very excited about what 2022 - and beyond - holds for Nightcap, our teams and not least our supportive investors”.
