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Nightcap, the hospitality investment vehicle founded by ex-Dragon’s Den star Sarah Willingham, has launched a £10m placing to fund the expansion of London’s Adventure Bar Group. ....
Nightcap has raised £10m through a share placing in order to further its investment strategy and to roll out its recent acquisition of Adventure Bar Group (ABG). Nightcap, which also acquired the 10-strong London Cocktail Club in January 2021, has said it believes ABG has the potential to expand nationwide, in up to 40 locations. The hospitality group, led by Sarah Willingham and Michael Toxvaerd, which announced the deal to acquire ABG earlier this month, had originally intended to raise proceeds of approximately £4m, but strong demand from existing shareholders and several new institutions saw this amount significantly oversubscribed. Fundraising plan It is raising the funds through two tranches – placing nearly 43.5m new ordinary shares, with Allenby Capital acting as sole broker. Nightcap is looking to fund the roll out of ABG’s Tonight Josephine, Luna Springs and Bar Elba brands. ....
Recently formed hospitality group Nightcap has completed its second purchase by acquiring the owner of brands including Blame Gloria and Tonight Josephine, Adventure Bar Group. The deal, completed for an undisclosed sum, means Adventure founders Thomas Kidd and Tobias Jackson will continue to work within the business as Nightcap pushes its growth from nine sites up to 40 in cities nationwide. Of Adventure Bar s sites across the capital, all but two (Jimi Loves Gloria in Soho and the Lost Alhambra in Leicester Square) will not form part of the transaction. Nightcap was founded by ex-Dragon’s Den investor Sarah Willingham and Michael Toxvaerd and bought London Cocktail Club’s bar portfolio in January 2021, which coincided with the hospitality group’s listing on AIM market. ....
JDW completes £30.4m Dublin development As reported by The Morning Advertiser’s sister title MCA Insight, JD Wetherspoon (JDW) has made the largest investment in its 41-year history in the development of Keavan’s Port pub and hotel in Dublin. The operator completed the Camden Street Upper site in Dublin city centre having invested €33.4m (£30.4m) in its acquisition and development. The 9,000 square foot site spans two floors and will feature 89 bedrooms alongside a 3,800 square foot garden across two courtyards. JDW intends to hire 200 full and part-time staff at the pub, which is named after an ancient highway into Dublin of which Camden Street formed a part. ....