Sarah Willingham of Nightcap discusses their impressive growth and expanding pipeline

Justin Waite
Vox Markets Podcast
11:31, 13th May 2022

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Sarah Willingham of Nightcap #NGHT discusses their impressive growth, where net sales for 40 weeks ended 3 April 2022 increased by 24.4% to £25.2m on like for like basis compared to 2019, and also talks about their new site openings and additional pipeline.

Summary

4 weeks ended 3 April 2022 ("Q3 FY2022")

Nightcap continued its growth trajectory during the third quarter of its 2022 financial year, which includes strong growth in the Barrio Familia group ("Barrio"), which was acquired on 21 November 2021.

Unaudited Group net sales were £9.6 million for Q3 FY2022, resulting in a 52.7% net sales increase compared to the same period in 2019 and a 27.7% like for like* increase compared to the same period in FY2019.

40 weeks ended 3 April 2022 ("YTD FY2022")

Unaudited Group net sales were £25.2 million for YTD FY2022, resulting in a 48.6% net sales increase on the same period in 2019 and a 24.4% like for like* increase compared to periods in FY2020 and FY2019.

Unaudited Group net sales by quarter for the first three quarters of FY2022 were as follows:

Q1

Q2

Q3

Total

£7.6m

£7.9m

£9.6m

£25.2m

New site openings and additional pipeline

Nightcap is pleased to announce that both The Cocktail Club ("TCC"), Exeter venue and Adventure Bar Group ("ABG"), Cardiff venue started trading just after the period ending 3 April 2022. Both sites have traded profitably from their first week of opening.

In addition to these two new sites opening, the Group has also announced the signing of four new leases - a flagship TCC site in Birmingham, another TCC site in Cardiff, a Blame Gloria site in Bristol and a Tonight Josephine site in Liverpool. The majority of these sites are expected to open and start trading before the end of June 2022 (end of FY2022).

Nightcap currently has a further 23 sites in legal negotiations or under offer across all of its brands, including its most recently acquired Barrio brand. The Group expects for several new site leases to be entered into before the end of June 2022.

The Group's balance sheet remains solid, with unaudited cash at bank of £7.6 million as at 3 April 2022.

About Nightcap

Nightcap will acquire, recapitalise and develop drinks-led concepts with significant potential across the UK. Nightcap’s strategy is simple: we are focused on easy to replicate scalable business models with nationwide rollout potential.

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