- Cocktail bar owner Nightcap commenced trading on London's AIM market, having raised £4.0 million through a fundraising at 10p per share.

The company acquired, upon admission, bar group the London Cocktail Club for an initial consideration of £5.7 million.

The payment was being satisfied by the issue of 55.4 million new Nightcap shares and a cash payment of £162,116.

Upon admission, the company had a market capitalisation of around £13.5 million.

'To have floated Nightcap during a national lockdown is testament to the strength of our extended team, our advisers and our brokers Allenby Capital, the London Cocktail Club shareholders and the welcome support of our new investors,' chief executive Sarah Willingham said.

'Our admission to trading on AIM today marks the start of Nightcap's mission of becoming the UK's leading bar group by supporting entrepreneurs and businesses that have taken such a hit during the pandemic.'

'Through targeted investment and our collective expertise, we believe there is an exceptional opportunity to develop and grow fundamentally sound businesses - businesses that have suffered a tough time, are under pressure and may not have sufficient capital to grow.'

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