12th May 2021 13:45
Nightcap PLC - London-based bar operator - Raises GBP10 million by placing 43.3 million new shares at 23 pence each. Nightcap says the placing raised "significantly more funds" than originally indicated, following strong investor demand.
The funds raised will be used to roll out brands, partially repay debt gained in acquiring Adventure Bar Group and to acquire other drinks-led hospitality groups, Nightcap says.
Nightcap Chief Executive Sarah Willingham comments: "The success of our fundraise from both existing shareholders and several new institutional shareholders shows just how much support there is for hospitality in the UK and specifically for our strategy of acquiring and growing drinks-led businesses in the sector.
"With the completion of our second acquisition and this substantial equity raise, Nightcap remain well capitalised to execute on its strategy by finding more like-minded businesses and people to join our journey to become a leading bar group in the UK."
Allenby Capital Ltd is acting as sole broker for the placing.
Current stock price: 25.16 pence, down 16% on Wednesday
Year-to-date change: up 80% since January initial public offering
By Will Paige; [email protected]
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