Nightcap plc float on AIM and acquire The London Cocktail Club
January 2021
Nightcap is a company led by hospitality entrepreneur and ex-Dragon’s Den investor Sarah Willingham which was established in 2020 to take advantage of the significant changes taking place within the premium bars segment and the hospitality industry more generally in the UK. The Board believes that the Company will be able to take advantage of an exceptional opportunity to acquire and grow ‘drinks-led’ hospitality concepts that focus on the consumers’ social experience over the coming years.
As the first step in implementing its strategy Nightcap has acquired the London Cocktail Club, which is an award-winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol, targeting customers aged between 26 to 40 years old.
The Perivan shareholder communications team were delighted to work with Allenby Capital who were appointed Nominated Adviser and Broker to Nightcap on the successful publication of the 140-page admission document.
Admission to Trading on AIM
On 13th January 2021, admission and dealings commenced in the Ordinary Shares on AIM by way of a Placing and PrimaryBid Offer for 40,000,000 Ordinary Shares of 1p each at 10 pence per Ordinary Share and Acquisition of The London Cocktail Club Limited.
Reasons for the admission
The Board believes that as well as providing the net proceeds of the Fundraising, the Company’s Admission to trading on AIM will allow the Company to take advantage of:
- a quoted company’s public profile thereby promoting the Enlarged Group and its strategy;
- the possibility of creating a broad investor base and accessing institutional and other investors not only on Admission but in the secondary market;
- further access to equity capital in a cost-effective and time-efficient manner, thereby providing the Enlarged Group with the financial flexibility to further pursue its strategy;
- the potential liquidity in the Company’s Ordinary Shares offered by the quotation on AIM;
- the potential to issue quoted equity as part of the consideration for future acquisitions; and
- help the Company to attract and retain high-quality and experienced personnel
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.
