Nightcap secures growth funding from HSBC
This morning Sarah Willingham’s expanding cocktail bar group Nightcap (LON:NGHT) has announced that after a very competitive process it has secured a very useful £10m debt refinancing with HSBC.
The facility is a bundling of its various loans totalling £5.5m across its businesses, together with a £4.5m capital expenditure facility for the Group’s additional sites as Nightcap extends its new openings programme across London and major UK cities.
Nightcap is a leading hospitality group in the UK offering unique, premium experiences for Millennial and Gen Z customers at affordable prices.
The Group incorporates The Cocktail Club, The Adventure Bar Group and Barrio Familia.
Nightcap’s executive team is led by prominent hospitality entrepreneur and investor, Sarah Willingham, and boasts a market leading operational and corporate finance track record.
To date, the Nightcap operates across 31 sites in the UK including London, Birmingham, Exeter, Reading and Cardiff, while another 3 are in the process of refurbishment.
The company also has another 22 sites in various stages of negotiation.
Sarah Willingham, CEO, stated that:
"When we listed Nightcap on AIM and embarked on a company and new site acquisition programme last year, we knew that we would want to consolidate our debt facilities with the right banking partner.
"We have taken our time and at the end of a very competitive process we are delighted to have successfully agreed our Group refinancing. We are over the moon to be partnering with HSBC, who have proven themselves as long-term supporters of our sector.
"Throughout the process the HSBC team showed an appreciation for our team and performance and a deep understanding of the unique opportunity we are capturing with Nightcap.
"The £10m debt facility will support our growth plans for the coming years as we make good on our mission for Nightcap to become the UK's leading cocktail bar group."
The group’s shares, which have been up to 24p within the last year, have been down to 13.50p and are now trading at 14.75p at which level they offer very good upside prospects.