London premium bar company, Nightcap has acquired Barrio Familia Ltd and its subsidiaries for £4.94m.
Through the acquisition, Nightcap has become the operator of an additional five bars, which comprise: four Latin American-inspired, Tequila-led, cocktail bars in popular areas of London which trade under the 'Barrio' brand, and a high end '60s themed members' cocktail bar which trades under the 'Disrepute' brand in London's Soho area, collectively the Barrio Bar Group.
The Board believes that the Barrio bar brand captures a growing demand for Latin-inspired, Margarita and Tequila focussed bars and has significant UK rollout potential, similar to Nightcap's existing bar brands.
Sarah Willingham, Chief Executive Officer of Nightcap, commented, 'I am absolutely delighted that Nightcap has acquired Barrio Familia, which includes Barrio's four Latin American-inspired cocktail bars and the '60s themed members' cocktail bar, Disrepute.
'When Nightcap was founded, one of my goals was to acquire a bar group that has the potential to maximise on the winning combination of Margaritas and Tacos - a personal favourite of mine! Over the past year, Nightcap has closely observed the significant growth of the Tequila market with great interest, and we believe that this Acquisition has significant potential for UK-wide expansion.
'Nightcap has been fortunate enough to have had a strong first year, and we are so pleased to be heading towards the end of 2021 with another fantastic concept in our portfolio.
'As always, we would like to thank our stakeholders for their continued support, all our amazing staff, and our wonderful customers for continuing to bring their energy to Nightcap's bars. We look forward to providing further updates regarding our plans for Barrio Familia!'
Nightcap was founded during the 2021 lockdown period by ex-Dragon’s Den entrepreneur Sarah Willingham and entrepreneur Michael Toxvaer.