Nightcap purchases Adventure Bar Group
The acquisition includes nine bars, seven of which are based in London such as themed venues, Tonight Josephine, Bar Elba, Luna Springs and Blame Gloria, which predominantly provide a cocktail-orientated drinks offering
Nightcap has announced that it has acquired the Adventure Bar Group for an undisclosed amount.
The acquisition includes nine bars, seven of which are based in London such as themed venues, Tonight Josephine, Bar Elba, Luna Springs and Blame Gloria, which predominantly provide a cocktail-orientated drinks offering.
In order to fund the UK roll out of the target bars, Tonight Josephine, Bar Elba and Luna Springs and pay down part of the debt associated with the acquisition, the group revealed that it is currently seeking to raise approximately £4m by way of a “proposed placing” of new ordinary shares of 1p each in the company.
Sarah Willingham, CEO of Nightcap, said: “The further expansion of Adventure Bar Group will take place during a time where the opportunity to acquire first class property at attractive rates is unmatched by anything I have seen during my 25 years in hospitality.
“The acquisition furthermore expands the opportunity to take on different types of property, particularly with the Bar Elba and Luna Springs concepts trading as large outdoor venues, benefitting significantly when trade is restricted indoors and during the summer period.”
She added: “We are all looking forward with much excitement to 17 May 2021 when our entire estate will be able to welcome back customers.”
