Nightcap’s Refinancing of Banking Facilities with HSBC
Locke Lord advised Nightcap plc, parent company of The Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars, on a £10 million debt refinancing facility with HSBC.
The purpose of the new debt facility is to consolidate the company’s various existing debt facilities across its subsidiary businesses, which come to a total of £5.5 million. The remaining £4.5 million will be ringfenced for capital expenditure on new sites, allowing Nightcap to expand its footprint in prime locations in London and other key cities in the UK. Nightcap currently has 31 open venues and an additional 22 premises under offer or in legal negotiations across its various brands.
The Locke Lord team was led by partners Matthew Daffurn and Sean Page, with assistance provided by partner Nick Jennings and associate Jake Chagoury.