Nightcap, which owns Adventure Bar Group and Cocktail Club, has revealed it has 23 further sites in legal negotiations or under offer across its brands.
The group recently rebranded London Cocktail Club as the Cocktail Club and has opened sites in Bristol, Reading and London this month, with plans to take the group from 13 venues to 40 over the next four years.
In its results for the financial year ended 27 June 2021, Nightcap reported revenue of £5.97m for the period, up from £5.2m the prior financial year, and a £5.3m pre-tax loss.
The group had a cash position as of the latest quarter ended 26 September 2021 of over £12.2m. "This is sufficient liquidity to execute our expansion strategy and to support potential future acquisitions," said chief executive Sarah Willingham.
Since the start of September, Nightcap said it had been benefitting from the significant increase in the number of people returning to their offices, with many of its bars located in city centres. In particular, sites in and near to the City of London were trading "better than ever".
Willingham said Nightcap had been "substantially unaffected" by most of the challenges facing the hospitality industry in recent months. She said the group had "already secured" the necessary stocks of key cocktail ingredients and bottled beer ahead of the important busy Christmas trading period and although recruitment was "the biggest challenge", she said the group was "confident in our ability to attract and retain the best staff".