Nightcap plc, the business behind The Cocktail Club, the Adventure Bar Group, and the Barrio Familia group of bars, is set to continue its expansion thanks to £10m of funding from HSBC UK.
Founded in 2020 by former Dragons’ Den investor Sarah Willingham, and Michael Toxvaerd, Nightcap is using the bank’s support to consolidate existing debt facilities worth £5.5m across 34 sites, three of which are in the final stages of refurbishment.
Over this year, Nightcap will complete the fit-out of the three sites and will use the remaining £4.5m to rollout an ambitious expansion plan that will see the business grow its footprint in prime locations both in London and in key cities across the UK. It currently has a further 22 premises under offer or in legal negotiations.
Sarah Willingham, Chief Executive Officer of Nightcap, commented:
“We have a clear vision and strategy to help realise our ambition of becoming one of the UK’s leading hospitality brands. Working with HSBC UK to refinance our existing debt and provide further liquidity to deliver our site acquisition strategy has been an important next step for us as we expand.“We’re proud of the strides we have made to grow in a sector that is continuing to bounce back from the pandemic. As the cost of living and a labour shortage coincide, our role in providing a fantastic experience to our guests and colleagues is heightened. That’s why we’ve also recently launched our Nightcap Bar Academy, to make sure our employees learn skills for life and build confidence, all while having fun through the process.”
Alex Brown, Corporate Relationship Director at HSBC UK, added:
“We’re proud to be supporting a rapidly growing hospitality company that will provide jobs to communities within cities across the country and support skills development within the hospitality industry.”