The owner of the Cocktail Club bar chain has received a £10m funding injection from HSBC UK in order to continue its expansion plans.
Nightcap, which was founded by former Dragons’ Den investor Sarah Willingham and Michael Toxvaerd in 2020, is eyeing almost two dozen additional sites.
The chain – which owns The Cocktail Club, the Adventure Bar Group and the Barrio Familia bar chains – now has 34 sites, with three sites currently in the final stages of refurbishment.
New cash from HSBC UK will help to consolidate existing debt facilities worth £5.5m.
Some £4.5m will be used to rollout new sites, with the company currently having 22 premises under offer or in legal negotiations.
“We have a clear vision and strategy to help realise our ambition of becoming one of the UK’s leading hospitality brands,” Sarah Willingham, chief executive officer of Nightcap, said.
“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.”