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Drinks-led funding agency Nightcap has acquired London-based Latin American-inspired bar group Barrio Familia to capitalise on the demand for Tequila-focused venues.
Barrio Familia is the corporate behind the 4 Barrio cocktail bars positioned in Shoreditch, Soho, Brixton and Angel, in addition to the Nineteen Sixties-themed members’ bar Disrepute in Soho.
Nightcap was based final yr, and goals to turn into the most important bar operator within the UK. It acquired The London Cocktail Club (now The Cocktail Membership) in December 2020, and bought Adventure Bar Group – which incorporates the chains Tonight Josephine and Blame Gloria – in Could 2021.
The consideration paid within the Barrio deal totals £4,935,000 (US$6.6m), and contains a web money quantity of £3,628,000 (US$4.9m), in addition to £1,307,000 (US$1.8m) which has been happy by the problem of 5,682,609 shares within the firm.
With the acquisition of Barrio Familia, Nightcap hopes to faucet into rising shopper curiosity in Tequila. The agency cited knowledge from the Consejo Regulador del Tequila which confirmed that 1.7m litres of the spirit had been shipped to the UK in 2020.
“When Nightcap was based, one in all our targets was to accumulate a bar group that has the potential to maximise on the profitable mixture of Margaritas and tacos – a private favorite of mine,” mentioned Sarah Tillingham, Nightcap CEO.
“Over the previous yr, the group has carefully noticed the numerous development of the Tequila market with nice curiosity, and we consider that this acquisition has large potential for UK-wide enlargement.
“Nightcap has been lucky sufficient to have a really sturdy first yr, and we’re so happy to be heading in direction of the top of 2021 with one other improbable idea in our portfolio.”
Barrio founder Ferdie Ahmed opened the Latin American-inspired idea’s first bar in Angel in 2007.
“We’re completely thrilled for the subsequent step in Barrio’s journey,” Ahmed commented.
“The dream has at all times been to see a busy Barrio in each large celebration neighbourhood of the UK and what different method for Barrio Familia to grasp this than by becoming a member of the Nightcap household.
“Having carefully adopted and admired the group’s different manufacturers, we’re assured that the enterprise that we’ve poured our hearts and souls into constructing, will probably be handed into trusted fingers and I’m personally excited to be persevering with my journey as I be part of the Nightcap workforce.”
Nightcap not too long ago posted a 68% increase in net sales within the 13 weeks to 26 September 2021, in comparison with the identical interval in 2019, and revealed ambitions to ramp up its emphasis on ‘female-led’ socialising.