Nightcap believes there is a ‘lot of potential’ to expand the Piano Works concept across the UK, CEO Sarah Willingham tells MCA.
Willingham was speaking following the late night operator’s acquisition of the live entertainment concept, which adds to a portfolio including the Barrio, Tonight Josephine, and Dirty Martini brands.
“Piano Works had such a successful residency in our Barrio Covent Garden venue, especially over Christmas,” Willingham says. “We felt they could add something to the Nightcap brands.
“It sits nicely with our other brands…and also has a very dedicated almost cult following.”
The announcement was accompany by a trading update for the start of 2024, which reported Nightcap’s trading had been “far softer than expected.”
When asked whether the acquisition represents a focus on live entertainment offers for the group, Willingham said, “[Piano Works] fits in with our ethos of providing our clientele with unique events and experiences.”
While Piano Works has been operating from Barrio Covent Garden since November 2023, “we need to embed the brand” before adding to the offer at other venues, according to Willingham.
The acquisition adds an established, interactive live music entertainment concept to the portfolio, while also bringing Piano Works’ Farringdon venue into Nightcap’s estate.
The concept generated revenue of approximately £4.6m in the year ended 30 June 2023, along with site EBITDA of c£0.6m and profit before tax of nil.
Nightcap operates a total of 46 bars under the Cocktail Club, Tonight Josephine, Dirty Martini, Blame Gloria, Disrepute, Escapologist, Nikki’s, and Luna Springs brands.
