Nightcap has announced that it has acquired the entire issued share capital of Barrio Familia for total consideration of £4.9m.
Through the acquisition, Nightcap has become the operator of an additional five bars, which comprises four Latin American-inspired, Tequila-led, cocktail bars in London.
The consideration paid to the vendors featured £3.6m paid in cash and £1.3m which has been satisfied by the issue of 5,682,609 new ordinary shares.
As a result of the acquisition, the board said it expects that the group’s results for the 53 weeks ending 3 July 2022 to be “significantly ahead” of current market expectations.
Sarah Willingham, CEO of Nightcap, said: “I am absolutely delighted that Nightcap has acquired Barrio Familia, which includes Barrio’s four Latin American-inspired cocktail bars and the ’60s themed members’ cocktail bar, Disrepute.
“Over the past year, Nightcap has closely observed the significant growth of the Tequila market with great interest, and we believe that this acquisition has significant potential for UK-wide expansion.”