Nightcap, the owner of London Cocktail Club among a portfolio of 27 bars, has announced net sales of £15.5m million for the first half of the 2021/2022 financial year, with a net sales increase of 46%.
The group, which added The Adventure Bar Group and Barrio tequila bars last year, has weathered the pandemic, with net sales for the half up 22% on the same period in 2019, before Covid.
The current locations for the groups’ bars are primarily in the capital, with others in cities such as Reading, Bristol and Birmingham.
Founded by ex-Dragon and UK entrepreneur, Sarah Willingham, and public market specialist, Michael Toxvaerd, Nightcap is continuing its expansion in 2022 with openings across the country, including the recently signed Tonight Josephine site in St Mary’s Street, Central Cardiff. Plans are afoot to add 25 new sites.
Following its floatation in January 2021, Nightcap has more than doubled its share price in the first full 12 months of trading.
Willingham, CEO of Nightcap, said: “We are delighted to celebrate our first birthday by announcing such a successful H1 of 2022. Despite the Government’s plan B guidelines during the important Christmas trading time, we saw group net sales increase of 46.2% for the 26 weeks ended 26 December 2021 – which is fantastic.
“Nightcap was born out of an observation and belief that consumers would continue to enjoy premium drinks-led bars post the pandemic. Since re-opening we have seen unprecedented demand across our sector, even during times with restricted trade.
"By floating Nightcap we were able to use our knowledge and experience in public markets and hospitality, with much-needed cash injections from investors to acquire and invest in popular groups of bars, which have, like many others in the UK, taken on substantial debt since the start of Covid.
“With our current healthy bank balance and ambitious growth strategy, I am very excited about what 2022 - and beyond - holds for Nightcap, our teams and not least our supportive investors."