Nightcap has announced “very positive trading” during the 13 weeks to 26 September, with unaudited total net sales, per its management accounts, of £7.6 million. This represents a 68% increase compared to the same period in 2019.
The London Cocktail Club (“LCC”) increased total net sales by circa 55% over 2019 and Adventure Bar Group (“ABG”) by circa 75%. Like for like sales at LCC were up 52% when compared to 2019 and like for like ABG sales were up 24% for the same period in 2019.
The group’s balance sheet is “solid”, with cash at bank of £12.2 million as at 26 September 2021.
Taking this “ongoing strong performance” of the group’s bars since the reopening of indoor hospitality into account, together with a “strong pipeline of site openings and the levels of Christmas bookings, the Board remains confident about the Company’s financial year ahead”.
Nightcap’s board expects group’s results for the 53 weeks ending 3 July 2022 “will be significantly ahead of current market expectations.”
Sarah Willingham, Chief Executive Officer of Nightcap, commented: “I am delighted to announce this upgrade of our expectations for the 53 weeks ending 3 July 2022, as a result of such strong performance across the Group. Our teams have been incredible, working tirelessly to meet the unprecedented pent up demand. I can’t thank our customers enough for their continued loyalty and commitment to helping, not just Nightcap, but the hospitality industry as a whole.
Nightcap was built during the Covid-19 global pandemic to acquire and expand leading brands in the drinks-led bar sector and whilst the macro-economic climate remains uncertain, we believe that this uncertainty is core to our opportunity.
As anticipated, new sites are becoming available as the fallout from the pandemic continues. We expect the end of the rent moratorium in March 2022 to further improve availability of excellent sites.
With the opening of three new sites in November and a further 23 sites in legal negotiations or under offer, we are confident both in the strength of our bar concepts and in our ability to continue our rapid expansion across the UK.”
