Nightcap raises additional £10m
Nightcap has raised £10m to further its investment strategy and to rollout its latest acquisition, Adventure Bar Group.
Nightcap, the hospitality group formed by investors Sarah Willingham and Michael Toxvaerd, has raised £10m to further its investment strategy and to rollout its latest acquisition, Adventure Bar Group.
The £10m figure raised is reportedly higher than originally planned, owing to strong demand for the shares from existing shareholders and several new institutions.
Part of the proceeds from the fundraising will underpin the expansion and growth of Adventure Bar Group, which has nine bars in London and Birmingham, and which Nightcap agreed to acquire earlier this month.
“We are delighted to have secured this additional funding," says Willingham, pictured above with Adventure Bar founders Tom Kidd and Tobias Jackson. "The strength of demand from shareholders to participate in this placing is hugely telling, and testament to, we believe, two things: first, the amazing opportunity we have with Nightcap to back brilliant entrepreneurs and businesses like Adventure Bar Group and London Cocktail Club as we emerge from the pandemic.
“Secondly, it is a great endorsement of the premium bar sector and the opportunity to deliver significant growth and value amid huge pent-up demand from consumers – at a time when the ability to acquire the right prime sites at attractive rates is unmatched by anything I have seen during my 25 years in hospitality.”
Nightcap is raising the funds through two tranches, placing a total of nearly 43.5m new ordinary shares. Allenby Capital Limited is acting as sole broker in connection with the placing.