Arcade bar group set to expand with £10m backing
Alternative lender ThinCats has provided fresh backing to an ambitious arcade bar group which is looking to expand into a host of new locations across the UK – with Nottingham named amongst a host of potential sites when a similar deal was completed last summer.
NQ64 was founded in 2019 by Andy Haygarth and Matt Robson in Manchester’s thriving Northern Quarter. The company is set to accelerate its growth plans after receiving a £10m facility from ThinCats, with the boost adding to a £2.5m package previously provided by the Ashby lender in August 2022.
NQ64 is gearing up to open new venues in Shoreditch and Bristol and says it has designs on three additional UK sites, all of which are between 4,000 and 10,000 sq ft in size.
The new funding facility will also enable the group’s owners to complete a share buyback of minority shareholding from Imbiba Private Equity.
Andy Haygarth, CEO at NQ64, said: “It’s great that we have been able to extend our facility with Thin Cats to enable our current phase of growth. Massive thanks to IMBIBA who have helped us get to this point, they have been the perfect partner to take us from 3 to 9 sites, their help has been invaluable.”
Following the initial deal with ThinCats in 2022, NQ64 has expanded its presence in Manchester with the recent acquisition of Dogbowl, a New York inspired bowling alley which combines five full-length bowling lanes and a new arcade.
ThinCats’ team was led by Mike Dinnell, Stephen Gator, Stuart Thompson, Rob Thompson and Dave Sherrington.
Dinnell, director of business development at ThinCats, said: “We originally supported NQ64 with a facility in 2022 to assist with their growth. By working closely with management to understand their strategy, we have agreed a facility that will help the business to deliver their strategy and grow their footprint over the next few years.”
Andrew Stones, partner at IMBIBA, added: “It has been a pleasure working with Andy and the team at NQ64 to help grow the business. I’m very confident that they will continue to go from strength to strength. This is the first exit from the Imbiba growth fund and NQ64 has delivered an excellent return in two years.”
Browne Jacobson, Hill Dickinson and BDO advised on the transaction.
