Nightcap report “Outstanding Financial Results”

Bar operator Nightcap has reported unaudited total net sales for the 13-week period of the new financial year since 28 June of £7.6m. The company stated: “This is a 68% increase compared to the same period in 2019, when there were no covid-19 restrictions.

Leaders of the bar group attribute its solid performance to pent-up consumer demand for experiential socialising and punters accruing more disposable income over lockdown. The Group has seen a significant rise in footfall and sales across its popular cocktail bars, which include The London Cocktail Club and Tonight Josephine, as party-goers flock to enjoy nightlife once more.

Across the 13-week period of the new financial year, the late-night bar operator reports net sales** of £7.6 million, a 68% increase compared to the same period in 2019 prior to Covid-19 restrictions, and a strong balance sheet with cash at bank of £12.2million as of 26 September 2021.

The solid performance was reflected in figures from the London Cocktail Club (“LCC”), which saw increased total net sales by circa 55% over 2019, with like for like*** sales at LCC up 52% compared to 2019. Such is the success of the company’s performance, the bar operator is set to open an additional three bars in London, Reading and Bristol in November, bringing the total number of locations to 22.

The three extensive sites are scheduled to open just in time for the festive period. Bristol’s new site, situated in Corn Street, will span 3,500 square feet and is due to open its doors on 18 November. The Mansion House 1,500 square feet site in Central London and the 2,861 square feet site in Reading will start trading the following week.

Continuing the success observed across the Company, Adventure Bar Group (“ABG”), which operates nine bars in London and Birmingham, including iconic brands such as Tonight Josephine and Blame Gloria, enjoyed increased total net sales of circa 75% and like for like*** sales up by 24% for the same period in 2019.

Sarah Willingham, Chief Executive Officer of Nightcap, commented: “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.

“Nightcap was built during the Covid-19 global pandemic to acquire and expand leading brands in the drinks-led bar sector and whilst 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.”