Pubs and Bars

Nightcap sees FY21 losses widen to £5.3m

Despite the losses, revenue grew to £5.9m from £5.2m and was boosted by the acquisitions of The London Cocktail Club Limited and its subsidiaries

Nightcap has revealed that its pre-tax losses for the full-year ending 27 June 2021 have widened to £5.3m from £616,301 the previous year.

Despite the losses, revenue grew to £5.9m from £5.2m and was boosted by the acquisitions of The London Cocktail Club Limited and its subsidiaries.

In addition to the three new sites the group said a further 23 sites are currently in legal negotiations or under offer across its brands.

The group finished the year with “strong liquidity” of £12.2m, which was principally as a result of the equity fundraisings and tight cash control.

Sarah Willingham, CEO of Nightcap, said: “I am delighted to present Nightcap’s first Annual Report and Accounts. Nightcap winning strategy is well under way.

“Nightcap was built during the Covid-19 global pandemic to acquire and expand leading brands in the drinks-led bar sector. We are acquiring fundamentally strong businesses that have been weakened by the impact of the pandemic.”

She added: “The rapid roll out of these brands has been aided by a unique opportunity within the property market and we have made excellent progress so far, as we continue to build the property pipelines in key strategic locations across the country.

“Most of our sites have posted record sales weeks and our teams have worked tirelessly to meet the demand from customers. I would like to thank all of our stakeholders for their continued support, and especially our wonderful customers.”

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