Nightcap posts like-for-like revenue growth of 24.8%: Nightcap, the owner of The Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars, posted like-for-like revenue growth of 24.8% for the nine weeks ended 27 February 2022 when compared to the same period in 2020 and 24.6% when compared to the same period in 2019. For the 26 weeks ended 26 December 2021, the group’s reported revenues increased by more than 700% to £15.8m, with a 22.4% like-for-like increase compared to the same period in 2019. Excluding the ‘Plan B’ period, the group said its revenue increased by 28.3% on a like-for-like basis for the 24 weeks ended 12 December 2021 compared to the same period in 2019. Adjusted Ebitda for the period stood at £2.5m. As at 26 December 2021, the business said it had unaudited cash resources of approximately £9.4m and had total legacy bank borrowings assumed from its acquisitions of approximately £6.0m giving a net cash position of £3.4m (excluding lease liabilities). The company said: “With the legacy debt from our acquisitions having attractive terms (both in tenure and interest rate) Nightcap is well placed to execute its roll out strategy.” 19 bars traded throughout the period, with 27 bars being operated at the end of the period, reflecting the acquisition of Barrio Familia and the opening of three The Cocktail Club (TCC) venues during November 2021, all of which traded for only the last five weeks of the period. The business said that its organic growth was “progressing well”, with three new openings, four refurbishments and one additional new lease completed in the period. It said it continued to see “excellent opportunities” in the property market with over 24 sites in legal negotiations or under offer across several group brands. The business completed additional two leases for TCC in Cardiff and Exeter in 2022, which together with the three new TCC openings and the Tonight Josephine Cardiff lease signed during the period, takes the total new sites to six for the year so far. The company said: “In all of the more than 30 new sites that we have opened, announced as completed, currently under offer or in legal negotiations, we have not offered or paid a single property premium and yet we continue to find top tier sites in all of our prioritised cities nationwide.” Sarah Willingham, chief executive of Nightcap, said: “Nightcap has had a fantastic half year. We have taken the first steps in significantly growing our family of bars, both by adding the Barrio Familia Group in November 2021 and by opening three more The Cocktail Clubs in Bristol, Reading and London. We finished the calendar year with 27 top quality, late night bars.” This half year has been spent focusing on getting the team and the group ready for the fast and sustainable growth that we have planned for 2022 and beyond. With the team now in place to execute Nightcap’s strategy, we see continued excellent opportunities in the property market with over 24 sites in legal negotiations or under offer across several of our brands, in addition to the three new bars we have already announced for Cardiff and Exeter. Importantly, out of this portfolio of sites not a single property premium has been paid or offered to date. We can look forward to the growth of our brilliant brands across the United Kingdom with confidence during the 2022 calendar year. At the same time we have delivered incredible numbers throughout the core estate with reported revenue increasing by more than 700% compared to last year (H1 2020) (primarily due to the acquisition of The Adventure Bar Group) and a 300% increase compared to the same period in 2019. The like for like* revenue growth of 22.4% (compared to H1 2019) demonstrates that through excellent management and motivated, happy teams we have been able to respond to the pent-up demand from our wonderful customers, while significantly growing the underlying businesses. It is worth noting that out of our 27 bars only 19 bars (70%) traded for the whole 26-week period. Five sites were added through the acquisition of the Barrio Familia Group on 21 November 2021 (19%) and a further three sites (11%) opened under The Cocktail Club brand also in November 2021. Our amazing team were able to reschedule over 70% of the initially cancelled Christmas bookings into our Q3 (January 2022 – March 2022), and because of their flexibility and customer care, we are already seeing bookings and re-bookings for Christmas 2022! This performance shows that we can trade strongly with or without covid restrictions, and our guests and their demographics are resilient and keen to get out and socialise.”

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