Arcade bar operator NQ64 has secured a £10m facility with alternative lender ThinCats, to support the owners with the share buyback of minority shareholding from Imbiba Private Equity’s minority shareholding as well as the further rollout of new sites across the UK.
With the funding commitment in place, the management at NQ64 has earmarked five additional sites for 2023, with the fit-out of locations in Shoreditch and Bristol already underway. Further locations are also being scouted for.
The business was founded by Andy Haygarth and Matt Robson, in Manchester’s Northern Quarter, in 2019 and now operates nine venues across the UK.
In February 2021, Imbiba invested £1.4m in the business to support its expansion.
Following initial funding from ThinCats in 2022, NQ64 has enjoyed strong growth and continued to expand, with the recent acquisition of Dogbowl, a New York-inspired bowling alley which combines five full-length bowling lanes and a new arcade.
“It’s great that we have been able to extend our facility with Thin Cats to enable our current phase of growth. Massive thanks to Imbiba who have helped us get to this point, they have been the perfect partner to take us from three to nine sites, their help has been invaluable,” Andy Haygarth, CEO, NQ64, said.
Mike Dinnell, director business development ThinCats: “We originally supported NQ64 with a facility in 2022 to assist with their growth. By working closely with management to understand their strategy, we have agreed a facility that will help the business to deliver their strategy and grow their footprint over the next few years.”
Andrew Stones, partner at Imbiba said he was confident that NQ64 would go from strength to strength. “This is the first exit from the Imbiba growth fund and NQ64 has delivered an excellent return in two years.”
NQ64 is to open its 9,000sq ft Shoreditch site on Old Street – its biggest venue yet – later this month.
