Nightcap finishes FY 2022 on sales high
Drinks-led investment firm Nightcap finished its financial year with double-digit sales growth during its fourth quarter.
During the 13 weeks up to 3 July 2022, Nightcap (owner of The Cocktail Club, Adventure Bar Group, and Barrio Familia) reported a 23.6% like-for-like increase.
Nightcap generated £10.8 million (US$13.2m) revenue during its fourth quarter, bringing its full-year revenue for fiscal 2022 to £35.9m (US$43.7m).
The group said it was now regularly surpassing weekly revenue of £1m (US$1.2m).
Sarah Willingham, chief executive officer at Nightcap, said: “Despite recent transport strikes and significant Covid-19 interruptions during an important 2021 Christmas period, we have managed to deliver against our expectations thanks to our wonderful teams and loyal customers.
“Strong growth, delivered by exceptional people with a real desire to continue to build a leading business in the UK bar sector, is setting us up well for another year of significant growth as we continue to bring on board and open more sites in prime locations across the country.”
Nightcap said it continued to trade ‘in line with management’s expectations’ in July 2022. The company is focusing on offering ‘good times and good value’ to its millennial customer. The board will continue to invest in the group throughout fiscal 2023.
The launch of Nightcap Bar Academy this August is part of the firm’s investment plans.
New sites are also planned: larger formats of Tonight Josephine are in the works in Bristol and Liverpool, and The Cocktail Club’s flagship Birmingham site is nearing completion. It will open during the second quarter of fiscal 2023.
Willingham added: “We always thought we would have a short window to sign and open the best sites across the UK when we were admitted to AIM last year, but the challenging macro environment has resulted in more sites being available on very attractive terms. By replicating the business model across four brands, all led by motivated and engaged management teams serving a customer base with continued high disposable income, we feel confident about the year ahead, despite the economic pressures facing the UK today.
“We are well placed to mitigate inflationary rises as we grow and increase our buying power, and we will continue to throw the best parties offering exceptional quality and value, ensuring that our lovely customers can still enjoy their great nights out.”
Nightcap acquired London-based Latin American-inspired bar group Barrio Familia in November last year.