The Cocktail Club owner Nightcap reports strong trading
Like-for-like (lfl) sales rose 22.4% compared to 2019 levels for the group, which operates the Adventure Bar Group and The Cocktail Club – formerly London Cocktail Club – brands as well as Barrio Familia, which it bought late last year.
Excluding the period when Plan B restrictions were in place, Nightcap reports that its net sales increased by 52.7% and by 28.5% on a like-for-like basis for the 24 weeks to 12 December 2021.
Bookings at the start of the year have been impacted by the introduction of the Government’s Plan B measures, with more than 7,500 reservations initially cancelled. However, the group says that more than 70% of these have now been rescheduled to take place between January and March 2022.
“As we approach our first anniversary since our IPO, I could not be prouder of the entire team across our three operating businesses,” commented Sarah Willingham, chief executive, Nightcap.
“To achieve 46.2% growth in net sales and 22.4% on a like for like basis represents a monumental effort under any circumstances, not least during a time when new Covid-19 guidelines negatively affected the important Christmas trading period.”
During the period Nightcap opened three new sites under its The Cocktail Club brand in Bristol, Reading and Maison House in London. Adventure Bar Group will open a Tonight Josephine site in Cardiff, on St Mary Street, in March.
The group says it is well positioned for ‘significant’ expansion this year with cash reserves of £9.4m for its operations and to execute its growth strategy and has a further 25 sites in legals or under offer.
