StockMarketWire.com - Cocktail bar owner Nightcap said its bars had notched higher-than-expected sales since they reopened last month following an end of lockdowns.

Revenues for the three full weeks since the reopening of indoor hospitality, being 17 May to 6 June 2021 inclusive, grew 92% compared to the equivalent weeks in the calendar year 2019.

In the comparative period, though, 16 of the current 19 premium bars had been established and were open at that time.

On a like-for-like basis, revenue growth over the same timeframe was 53%.

'The strong sales performance since re-opening is significantly ahead of the board's expectations, given that the bars have restricted capacity due to social distancing requirements," Nightcap said.

The company added that it was particularly encouraged by strong trading at its two most recently opened venues, Luna Springs and Tonight Josephine in Birmingham.

'On the back of the strong recent trading performance, the group continues to expand its opening pipeline for the next three years,' it said.

'Our management teams are travelling around the UK looking for new properties and we have a number of sites that are currently in legal negotiations across several of the group's brands.'


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