Arcade bar operator eyes expansion after landing £2.5m funding
An ambitious arcade bar operator could be set to break further into the Midlands market after securing £2.5 in funding from Ashby alternative lender ThinCats.
NQ64, which was founded in 2019 by Andy Haygarth and Matt Robson in Machester’s thriving Northern Quarter, operates nine retro gaming bars across the UK including one in Digbeth’s Custard Factory.
Backed by specialist lifestyle and entertainment investor Imbiba, NQ64 has opened six new bars in the last 18 months and following additional funding from ThinCats, management is targeting new locations in Leeds, Birmingham, Bristol, Bath, Nottingham, Reading, Belfast, Sheffield, Aberdeen, Brighton as well as further London sites following their successful opening in Soho earlier this year. They are on the hunt for new venues of between 4,000 and 10,000 sq ft in ground, basement or first floor locations.
NQ64 was advised by Montane Finance and FDD was conducted by Pierce & Co. Legal support was provided by Browne Jacobson and Hill Dickinson on the transaction.
Haygarth said: “We have a great team that has enabled us to open the first nine NQ64s, in a relatively short time. We are really excited about the next phase of growth. With the backing of Imbiba and our new partnership with ThinCats, we are looking forward to bringing our neon splattered drinking dens to a host of new guests. We generally now invest between £500,000 and £1m into the build of a new site.”
Clint Ghent, operations director at NQ64, added: “Following the positive customer feedback after our most recent openings in London and Glasgow, we’re excited to be expanding across the country, bringing the NQ64 experience to new cities throughout the year.”
Andrew Stones, partner at Imbiba, said: “Andy and Matt have built a really interesting and unique concept, and we are seeing plenty of great opportunities to expand their footprint throughout the UK. It’s great to be supporting such an awesome young business on this journey.”
Mike Dinnell, director business development, ThinCats, added: “It is fantastic to be involved with a business like NQ64 who clearly have a strategy to grow their brand across the UK. NQ64 is a bar where classic console games and great cocktails find perfect harmony across a range of age groups. The quality of the management team in place really underpins the growth plan we are supporting.”
