Nightcap PLC Assignment of Dirty Martini leases (8494S)
November 09 2023 - 1:00AM
UK Regulatory
TIDMNGHT
RNS Number : 8494S
Nightcap PLC
09 November 2023
9 November 2023
Nightcap plc
("Nightcap" or the "Company")
Assignment of Dirty Martini leases
Further to the Company's announcement on 9 June 2023, Nightcap
(AIM: NGHT), the owner of The Cocktail Club, the Adventure Bar
Group, Barrio Familia and the Dirty Martini group of bars,
announces that it has completed the process of assigning the Dirty
Martini leases from the administrator, Leonard Curtis Recovery
Limited (the "Administrator").
When Nightcap acquired certain assets of DC Bars Limited and
Tuttons Brasserie Limited, the operator of the 'Dirty Martini'
chain of cocktail bars and Tuttons Brasserie, a critical part of
the process was securing the assignment of leases for the key sites
from the Administrator, with the consent from the relevant
landlords.
The Company is pleased to announce that this process has now
been successfully completed and Nightcap will continue trading in
nine of the ten sites previously operated by DC Bars Limited.
Eight out of ten leases have been assigned on existing terms
(only subject to rent reviews) and these assigned leases have
expiry dates between 2030 and 2047.
One site previously operated by DC Bars Limited has not been
assigned. This is the Hanover Square site, where the Company could
not agree with the landlord on reduced rental costs to make the
site profitable, and therefore no agreement could be reached to
keep trading at the site.
The Company has entered into a new three year lease for the
Tuttons restaurant and Dirty Martini Covent Garden site. This lease
covers a restaurant lease as well as the small downstairs cocktail
bar. The new lease is on considerably more favourable commercial
terms and is in line with Nightcap's objective to not remain as a
restaurant operator in the long term.
The completion of the assignments secures 95% of the historic
GBP23.7 million of aggregated annual revenue and all of the
historic GBP3.9 million annual site EBITDA, based on DC Bars
Limited's and Tuttons Brasserie Limited unaudited management
accounts for the year ended 31 December 2022.
The Company will make a further announcement in due course in
relation to deferred consideration for the acquisition.
Sarah Willingham, Chief Executive Officer of Nightcap,
commented:
"The successful assignment of all of the important and
profitable Dirty Martini leases completes the acquisition of Dirty
Martini and preserves the majority of historic revenue and EBITDA
which is the outcome we have worked hard to achieve since the
acquisition in June 2023.
"We are exceptionally pleased with how well the staff across the
Dirty Martini estate have embraced becoming part of Nightcap and we
are excited by what the brand has brought to Nightcap, both in
terms of great locations as well as the overall high quality of the
estate."
For further enquiries:
Nightcap plc
Sarah Willingham / Toby Rolph / Gareth email@nightcapplc.com
Edwards
Allenby Capital Limited (Nominated
Adviser and Broker)
Nick Naylor / Alex Brearley / Piers +44 (0) 20 3328 5656
Shimwell (Corporate Finance) www.allenbycapital.com
Jos Pinnington / Amrit Nahal (Sales
and Corporate Broking)
Bright Star Digital (PR) https://www.brightstardigital.co.uk/
Pam Lyddon +44 (0) 7534 500 829
pamlyddon@brightstardigital.co.uk
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END
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