4 May 2021 | 08:00am
StockMarketWire.com - Cocktail bar group Nightcap launched a £4 million share issue to help fund the acquisition of Adventure Bar, which would see it operate nine more properties.
The price of new shares in the offering had yet to be determined, the company said.
The maximum acquisition cost for Adventure Bar was £2.5 million, including an initial 1.0 million and up to £1.5 million of deferred consideration, dependent on financial performance.
The bars being acquired included seven themed bars in London, a large outdoor bar, food and entertainment venue in Birmingham and a bar site opening in Birmingham on 17 May 2021 and a 50% interest in a central London roof-top bar.
4 May 2021 | 16:36pm
StockMarketWire.com - The FTSE 100 slumped after a decent start on Tuesday as concerns over a global chip shortage sparked a tech sell-off in the US.
By the close the index was down 0.7% at 6,923.17. In the US the S&P 500 was down 1.4% to 4,132.97 with the tech-focused Nasdaq index down 2.7% to 13,519.50 by 4.30pm UK time.
Retailing group Frasers, formerly known as Sports Direct, rallied 6.4% to 548.5p after it kicked off an up to £60 million share buyback.
Advertising company S4Capital firmed 1.8% to 569p, having upgraded its annual guidance after its first-quarter gross profit jumped 71% as acquisitions boosted sales.
S4Capital also announced that it had acquired Brazilian digital performance agency Raccoon, for an undisclosed sum.
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.
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