Nightcap secures £10m funding for expansion
The business, which is behind brands The Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars, is using the bank’s support to consolidate existing debt facilities worth £5.5m across 34 sites, three of which are in the final stages of refurbishment.
Nightcap will complete the fit-out of the three sites and will use the remaining £4.5m to roll out an expansion plan that will see the business grow its footprint in prime locations both in London and in key cities across the UK. It currently has a 22 more premises under offer or in legal negotiations.
Clear vision
Former Dragons’ Den investor Sarah Willingham, who founded Nightcap with Michael Toxvaerd in 2020, said: “We have a clear vision and strategy to help realise our ambition of becoming one of the UK’s leading hospitality brands.
“Working with HSBC UK to refinance our existing debt and provide further liquidity to deliver our site acquisition strategy has been an important next step for us as we expand.
“We’re proud of the strides we have made to grow in a sector that is continuing to bounce back from the pandemic. As the cost of living and a labour shortage coincide, our role in providing a fantastic experience to our guests and colleagues is heightened. That’s why we’ve also recently launched our Nightcap Bar Academy, to make sure our employees learn skills for life and build confidence, all while having fun through the process.”
Rapidly growing company
Alex Brown, Corporate Relationship Director at HSBC UK, added: “We’re proud to be supporting a rapidly growing hospitality company that will provide jobs to communities within cities across the country and support skills development within the hospitality industry.”
Earlier this month, Nightcap reported a 23.6% rise in like-for-like revenue increase for the final 13 weeks of its financial year, ended 3 July 2022.
Chief executive Willingham said at the time: “Finishing the year with 31 sites, with a number of openings to follow and a significant new-site pipeline is a great achievement.”
