Hospitality ‘played a huge part in allowing people to feel normal again’

Shares in bar owner Nightcap have surged ahead after it said sales had smashed its expectations since indoor hospitality restrictions lifted last month.

The London Cocktail Club owner – co-founded by former Dragons’ Den investor Sarah Willingham – saw shares soar more than 18% higher at one stage after it said revenues rocketed by 92% against pre-pandemic levels in 2019 since the reopening of indoor hospitality on May 17.

Willingham said, ‘Hospitality ‘played a huge part in allowing people to feel normal again’.

On a like-for-like basis, sales in the three weeks to June 6 were 53% higher on 2019 levels.

Nightcap said the performance across its 19 premium bars in London, Bristol and Birmingham was “significantly ahead of the board’s expectations, given that the bars have restricted capacity due to social distancing requirements”.

Tanya Francis 13th January 2022