The Adventure Bar Group and Barrio operator reported strong trading in the third quarter of its 2022 financial year, alongside the signing of four new leases
Nightcap announced a 52.7% net sales increase in the third quarter of its 2022 financial year, with a 27.7% like-for-like increase compared to the same period in FY2019.
Unaudited group net sales were £25.2 million for the 40 weeks up to 3 April, resulting in a 48.6% net sales increase on the same period in 2019 and a 24.4% like-for-like increase compared to periods in FY2020 and FY2019.
The late-night operator reported strong growth in the Barrio Familia group of bars, which it acquired in November, along with strong trading at the new Cocktail Club (TCC) and Adventure Bar Group venues in Exeter and Cardiff, respectively.
Nightcap also announced it had signed four new leases - a flagship TCC site in Birmingham, another TCC site in Cardiff, a Blame Gloria site in Bristol and a Tonight Josephine site in Liverpool - all of which are expected to begin trading before the end of June 2022. The group currently has a further 23 sites in legal negotiations or under offer across its brands.
Nightcap CEO Sarah Willingham said: “As seen from our Q3 revenue numbers, our run rate revenue is developing nicely.”
“We are mid-build on several new openings, we continue to negotiate on a string of new attractive leases and we have the cash required for our incredible teams to deliver on the strategy for their individual brands.”
