Nightcap acquires Barrio Familia and subsidiaries

Bar operator Nightcap has acquired Barrio Familia and its subsidiaries, leading the group to now expect its full-year results to be "significantly ahead" of current market expectations.

As a result of the acquisition, Nightcap has become the operator of an additional five bars, capturing what it deemed "a growing demand" for Latin-inspired, margarita and tequila focussed bars.

The AIM-listed firm will pay a total consideration of £4.93m for Barrio and its subsidiaries, with £3.62m to be paid in cash and a further £1.30m to be satisfied by way of the issue of 5.68m new ordinary shares in the company.

Chief executive Sarah Winningham said: "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.

"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 of 1005 GMT, Nightcap shares were up 1.56% at 19.80p.