Tue, 13 Jun 2023 | BUSINESS SALE
Nightcap has acquired cocktail bar chain Dirty Martini, along with sister restaurant Tuttons, out of administration in a pre-pack deal valued at up to £4.65 million. The company will pay £4.15 million in cash upon completion, along with an additional £500,000 contingent upon certain conditions being met.
The deal sees Nightcap acquire Dirty Martini’s entire chain of bars, including five in London and five more located in Birmingham, Bristol, Manchester, Leeds and Cardiff. The deal also includes Tuttons, a Covent Garden brasserie restaurant with 202 covers that shares a kitchen with Dirty Martini’s Covent Garden location.
Dirty Martini’s operating company DC Bars Limited was reported to have faced “tough trading conditions” over the past year, with many hospitality businesses having been hit by soaring energy costs and falling consumer confidence, among other headwinds.
The company also had “significant” debts, which contributed to it entering administration. Only those debts required by law will transfer to Nightcap following the acquisition.
Saying that the chain represented a “complementary customer offering”, Nightcap said that it saw “significant potential” to open further Dirty Martini locations in key UK cities.
Nightcap co-founder and CEO Sarah Willingham said: "Dirty Martini's late-night bars operate in a similar way to ours. They have great bars in excellent locations with impressive fitouts, following over £10m of capital investment.”
Willingham added that the acquisition meant Nightcap has “a sizeable late night bar group with significant potential for further growth” and that the group was looking forward to the next financial year with increased confidence.
The deal is Nightcap’s fourth acquisition in recent years, with the firm having acquired Adventure Bar, Barrio Familia and the Cocktail Club in 2021.
Read about how headwinds in the hospitality sector could create M&A opportunities.
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