LONDON, UK: Nightcap Plc (AIM: NGHT), the owner and operator of 46 premium bars, announced the acquisition of The Piano Works, the live entertainment concept currently operating at Nightcap’s Barrio Covent Garden venue and at a venue in Farringdon, London.
The Piano Works was launched in 2015 in a large Victorian warehouse site in Farringdon, London, and this bar and entertainment venue is being acquired under The Piano Works Acquisition (as defined below).
The Piano Works is an interactive live music entertainment concept, typically involving pianists, vocalists and other musicians performing an audience curated playlist, accompanied by a high-quality food, drinks and cocktail offering. Since November 2023, The Piano Works has had a very successful residency within Nightcap’s Barrio Covent Garden venue.
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.
This made a positive contribution to Nightcap’s revenue performance in the 13 weeks ended 31 December 2023, as indicated in Nightcap’s announcement of 10 January 2024. Nightcap intends The Piano Works to become a permanent fixture at the Covent Garden site and for The Piano Works concept to be the rolled out along with the other successful brands in the Nightcap portfolio.
STAMP Entertainment Limited (STAMP), a recently incorporated 100% owned subsidiary of Nightcap, has entered into an asset purchase agreement to acquire certain of the assets of TDC Concepts Limited (TDCC). TDCC is the operator of ‘The Piano Works’ live music entertainment concept.
Nightcap is paying a total consideration of £200,000 for the Assets, further details of which are described below. The Piano Works Acquisition has completed following a pre-pack administration process by TDCC. It is intended that the current directors of TDCC will become minority shareholders in STAMP and a further announcement on this will be made in due course once the terms are finalised.
Commenting on The Piano Works Acquisition, Sarah Willingham, Chief Executive Officer of Nightcap, 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.”
Commenting on The Piano Works Acquisition, Alan Lorrimer, Founder of The Piano Works, said: “Over the past eight years we have loved creating a communal and immersive experience for our many guests singing along to their favourite soundtracks.
“The past four years have been the toughest I have known in my forty years in hospitality. We survived COVID, but when the sale of our Leicester Square venue fell through, it was the last financial straw.
“We transferred into Covent Garden thanks to a great collaboration with the Nightcap team. We had an excellent Christmas which proved we could work really well together.
“We now have the potential to expand The Piano Works and prove that customers across the country will love our immersive audience requested live music experience.”
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