Nightcap acquires Piano Works as it warns of soft start to 2024

Nightcap, which operates the Cocktail Club and Dirty Martini brands, is to acquire Piano Works venues in London's Farringdon and Covent Garden for £200,000.

Piano Works, an interactive live music entertainment concept, has since November 2023 had a residency within Nightcap's Barrio Covent Garden venue The group said the residency resulted in a "significant uplift in revenues compared to the board's forecasts under the Barrio brand for the four-week festive period ended 31 December 2023".

Nightcap, which operates 46 bars, also announced that it had raised £1m through a share offer at 6p per share and that the group's trading since the start of 2024 had been "far softer than the board expected". It added that while revenues for 2024 were expected to be in line with expectations, earnings before interest, taxes, depreciation and amortisation was now expected to be £2m to £2.5m.

Chief executive Sarah Willingham said: "The Piano Works is another excellent addition to our group. I very much look forward to the future of this concept. It adds a whole new area of expertise to Nightcap and a different entertainment offer, bringing live music to our customers.

"We have known the Piano Works concept for a long time and look forward to working with the founders and their dedicated staff. After the very successful residency in our Barrio bar in Covent Garden at Christmas we are delighted to be able to partner with them and provide the opportunities to bring this great entertainment concept to other cities across the UK."

Photo: Piano Works