Tue, 04 May 2021 | BUSINESS SALE
Nightcap has announced the acquisition of the Adventure Bar Group for a maximum consideration of £2.5 million. The acquisition will see Nightcap pay £1 million upon completion of the deal, with an additional £1.5 million available in deferred considerations, which will depend on financial performance.
Following the acquisition, Nightcap plans to expand Adventure Bar Group’s estate from its current nine locations to up to 40 sites across the UK. The expansion will be funded by a share placing which will aim to raise around £4 million.
The acquisition is Nightcap’s second, after it took over London Cocktail Club (LCC) in January. Nightcap is similarly looking to expand LCC from 10 UK sites to around 40, via a share holding designed to raise up to £6 million.
Adventure Bar Group includes the bars Bar Elba, Tonight Josephine, Luna Springs and Blame Gloria. In addition to its nine locations, the group also has a pipeline of further sites.
Nightcap Chief Executive Sarah Willingham commented: “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.”
“In addition, this acquisition will provide Nightcap with opportunities for purchasing synergies across the enlarged group and allow us to benefit from bringing new areas of excellence onboard, and I could not be more delighted to welcome Adventure Bar Group to the Nightcap family.”
Adventure Bar Group Chief Executive Thomas Kidd added: “We have been looking at growth funding options for some time and this is the perfect outcome for us; the experience and knowledge of the senior Nightcap team will be a huge asset to the business as we look to scale and to share our brands like Tonight Josephine with more people around the UK.”
Read more about the growing M&A activity in the UK’s pub and bar sector.
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