Nightcap reports ‘strong’ sales as consumers return to bars
London Cocktail Club owner Nightcap saw its net sales rise by 68% in the 13 weeks to 26 September 2021, compared to the same period in 2019.
Nightcap was launched last year with the aim of becoming the UK’s leading bar operator through acquiring, investing and expanding drinks-led concepts.
Nightcap’s sales reached £7.6 million for the 13-week period, compared to the same period in 2019 prior to Covid-19 restrictions.
The group attributed its sales boost to ‘pent-up consumer demand for experiential socialising’ and customers with disposable income.
LCC’s net sales for the 13-week period rose 55%, compared to the same period in 2019. The bar operator is due to open three additional sites in London, Reading and Bristol in November, bringing the total number of LCC venues to 22.
Meanwhile, ABG, which owns bars such as Tonight Josephine and Blame Gloria, saw net sales rise 75% in the 13 weeks to 26 September 2021.
Sarah Willingham, Nightcap CEO, said: “I am delighted to announce this upgrade of our expectations for Nightcap’s first year, as a result of such strong performance across the group.
“Nightcap was built during the Covid-19 global pandemic to acquire and expand leading brands in the drinks-led bar sector and whilst the macro-economic climate remains uncertain, we believe that this uncertainty is core to our opportunity.”
Willingham noted that new venues are becoming available as a result of the pandemic, while the end of the rent moratorium in March 2022 will help “further improve availability of excellent sites”.
She added: “With the opening of three new sites in November and a further 23 sites in legal negotiations or under offer, we are confident both in the strength of our bar concepts and in our ability to continue our rapid expansion across the UK.”