Nightcap has seen record trading in recent weeks, with the bar group looking to accelerate its pipeline despite deepening losses.
The business, headed by serial hospitality entrepreneur Sarah Willingham, has reported pre-tax losses at the company of nearly £5.3m in the year to 27 June 2021 compared with just over £616,000 the previous year.
Revenue climbed 15% from nearly £5.2m to almost £6m. Adjusted Ebitda jumped 25% to more than £958,000 from nearly £754,000 in the year to 27 June.
Chief executive Sarah Willingham said the company, which owns and operates London Cocktail Club and Adventure Bar Group, was buying “fundamentally strong businesses” that the pandemic had weakened.
“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.
“We are really pleased with the performance of The Cocktail Club and the Adventure Bar Group since reopening. Most of our sites have posted record sales weeks and our teams have worked tirelessly to meet the demand from customers,” she said.
The group said that since the since the start of September 2021, it had also been benefitting from the significant increase in the number of people returning to their offices, given that many of its bars are located in city centres. ”In particular our sites in and near to the City of London are trading better than ever,” she added.
Gareth Edwards, chairman, said the group had entered into leases for new sites in Reading, Bristol and The City of London.
A further 23 sites were in legal negotiations or under offer, he said, across several of the group’s brands.
