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Nightcap, a chain of bars owned by Sarah Willingham, is gearing up to float its business in an effort to raise funds, according to the Times.
The move, which aims to raise £6m at a valuation of £14m, is in direct opposition to the firm’s agreed acquisition of the London Cocktail Club (LCC) group of bars.
Willingham intends to grow the LCC portfolio from ten to 40 bars, despite the possibility of London being pushed into Tier 3 restrictions later this week.
She said: “I’m delighted that LCC is our first acquisition. It’s a great business that I know very well – its model is proven, simple and replicable.
“Its strong performance despite the challenges of this year underscores its appeal to consumers’ desire for a safe, vibrant, party atmosphere and high-quality drinks.”
JJ Goodman, co-founder at LCC, said: “I’m so excited by our vision for Nightcap and LCC, which is why I’ve decided to roll over my shares.”
The initial public offering (IPO) will be brokered by Allenby Capital, and reportedly provides a “great opportunity” for Willingham to work alongside “great entrepreneurs and fundamentally good businesses”.
