Bar company raises £7m to fund expansion

Bierkeller, Nottingham

Bar company BurningNight Group, which recently opened its Bierkeller, Shooters and Around the World three-venues-in-one in Nottingham, has reached its £7m target to fund expansion plans just three months after launching a crowdfunding campaign.

The company already has six city sites across the country, and operates a growing number of Potting Shed and FirePit bars and restaurants.

After generating more than £4m through an initial Crowdstacker appeal, reaching the first million within days of its launch, BurningNight Group set itself a new investment target of £7m in April.

Now the company says it is keen to invest the capital in to creating new venues.

BurningNight Group currently employs more than 500 people and had a turnover in 2016 in excess of £17m.

Allan Harper, chief executive of BurningNight Group, said: “To reach £7m, especially in the current economic climate, shows a fantastic response to our campaign and the faith that investors have in us as a company.

“We are committed to expanding our brands, creating new opportunities and jobs, and building on the tremendous success we’ve already achieved. This huge investment can allow us to do that, and for many of our customers to be a part of it.”

Karteek Patel, chief executive of Crowdstacker, said BurningNight Group’s campaign demonstrated a post-Brexit trend for supporting home-grown businesses especially by younger investors.

He added: “We believe British businesses are proving appealing, and the entertainment and leisure sector is a strong one for investment right now, so we believe those aspects combined with BurningNight Group’s track record has obviously made it a very popular choice.”

BurningNight Group opened its Bierkeller bar in Nottingham in March, creating 100 jobs.

Click here to sign up to receive our new South West business news...
Close