NQ64 receives seven-figure investment from ThinCats

Alternative lender ThinCats has provided £2.5m in growth capital to NQ64 as the arcade bar operator seeks to expand in the UK.

Since the launch of its first site in Manchester in 2019, NQ64 has grown to nine retro gaming bars across the UK.

Over the past 18 months, NQ64 has opened five new bars after receiving financial support from specialist lifestyle and entertainment investor Imbiba.

The seven-figure investment from ThinCats, which specialises in mid-sized SMEs, will enable NQ64 to target new sites between 4,000 and 10,000 sq ft in Leeds, Bristol, Birmingham, Bath, Reading, Nottingham, Belfast, Sheffield, Brighton and Aberdeen.

NQ64 is also keen to introduce further locations in London following the launch of its Soho site in May.

Andy Haygarth, co-founder of NQ64, said: "We have a great team that has enabled us to open the first 9 NQ64s, in a relatively short time. We are really excited about the next phase of growth. With the backing of Imbiba and our new partnership with ThinCats, we are looking forward to bringing our neon splattered drinking dens to a host of new guests. We generally now invest between £500,000 and £1m into the build of a new site."

Clint Ghent, operations director at NQ64, added: "Following the positive customer feedback after our most recent openings in London and Glasgow, we're excited to be expanding across the country, bringing the NQ64 experience to new cities throughout the year."

Mike Dinnell, director of business development at ThinCats, commented: "It is fantastic to be involved with a business like NQ64 who clearly have a strategy to grow their brand across the UK."

NQ64 was advised by Montane Finance and FDD was conducted by Pierce & Co. Legal support for the transaction was provided by Browne Jacobson and Hill Dickinson.

NQ64 was founded by Andy Haygarth and Matt Robson. The venue invites guests to play a range of retro arcade games over some cocktails and craft beers.