Nightcap agrees £10m debt refinancing
Nightcap – owner of the Cocktail Club, Adventure Bar Group and Barrio Familia bar brands – has agreed a £10m debt refinancing facility with HSBC.
The new debt facility will see the group consolidate its various existing debt facilities, totalling £5.5m, across its businesses. The remaining £4.5m under the new HSBC debt facility will be reserved for new site investment across the UK.
In addition to the 31 open venues and the three sites in final stages of fit out, the group has a further 22 premises under offer or in legal negotiations.
The new debt facility comprises two tranches: a £3m term loan, repayable over the next three years, and a £7m revolving credit facility.
Sarah Willingham, chief executive of Nightcap, said: "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 announced earlier this month that it was launching a dedicated bar academy to train both its new and existing team members.
