Nightcap agrees £10m debt refinancing facility
Nightcap will use £4.5m of the funding to roll out an expansion plan that will see the business grow its footprint in locations in London and ‘key’ cities across the UK
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Nightcap plc has agreed a £10m debt refinancing facility with HSBC UK as the owner of the Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars continues its expansion.
Nightcap 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.
Over this year, 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 locations in London as well as in “key” cities across the UK.
The business, founded in 2020 by former Dragons’ Den investor Sarah Willingham and Michael Toxvaerd, currently has a further 22 premises under offer or in legal negotiations.
Willingham 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.”
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.”
