Nightcap raises a glass to double Birmingham bar swoop
Two Birmingham bars have been sold as part of a wider deal that will see Nightcap buy the Adventure Bar Group.
Nightcap will take ownership of the Tonight Josephine cocktail bar on Stephenson Street, which is due to open later this month, and the 2,500-capacity fully outdoor venue on the former Digbeth Arena site called Luna Springs.
The wider deal will see Nightcap buy nine sites. The firm is funding the acquisition via a £4m share issue.
Sarah Willingham, chief executive officer of Nightcap, said: “I am delighted to announce the acquisition of Adventure Bar Group, so soon after our IPO and initial acquisition of The London Cocktail Club. Tom and Toby have built an enviable portfolio of amazing brands and venues which have delighted their customers for years. Bringing Adventure Bar Group into the Nightcap family was a logical step for them in pursuit of their ambition to realise the full potential of their brands. I am truly looking forward to working with them to realise that ambition.
“The further expansion of Adventure Bar Group will take place during a time where the opportunity to acquire first class property at attractive rates is unmatched by anything I have seen during my 25 years in hospitality. The acquisition furthermore expands the opportunity to take on different types of property, particularly with the Bar Elba and Luna Springs concepts trading as large outdoor venues, benefitting significantly when trade is restricted indoors and during the summer period.
“We are all looking forward with much excitement to 17 May 2021 when our entire estate will be able to welcome back customers.”