Nightcap shares jump as bar chain bucks trend with record Christmas
London Cocktail Club owner Nightcap had a “record” Christmas despite ongoing rail disruption and cost of living pressures.
In a trading update published today, the late-night bar chain operator said revenue reached £9.2m in December, the highest level for the month since the group’s listing in London three years ago.
Shares soared 19 per cent this morning as investors were dazzled by its performance.
The business, owned by former Dragon’s Den star Sarah Willingham, also said unaudited group revenue shot up 39 per cent to £18m in the 13 weeks to December.
Rail strikes have been hugely disruptive to the hospitality industry over the past year and Willingham said it was “welcome news” the majority of rail workers have reached an agreement to end the rail strikes.
“It is also positive news that inflation is getting under control, which is expected to result in interest rate cuts in 2024.”
She said: “These are elements that should start to positively impact disposable income for our target customers during 2024.
“During the second half of 2023, we have transformed our management team whilst focussing on the integration of acquisitions and improving our systems. We expect to see the benefits of this integration and the synergies during the coming year.”
Back in June the late bar operator snapped up the Dirty Martini chain, with its bars across London and five locations in Birmingham, Bristol, Leeds, Manchester and Cardiff.
The company now has close to 50 sites across the UK.
Willingham added: “We are a much larger business with the team and foundations in place for the next stage of growth.
“We have set ourselves up to maximise our long-term potential. I am so proud of what we have achieved and am very excited about the future of Nightcap.”