Retro arcade cocktail bar chain NQ64 has secured £2.5milllion to roll out in more UK cities.
Founded in 2019 by Andy Haygarth and Matt Robson, NQ64 has grown from its original site in Manchester’s Northern Quarter, to nine retro gaming bars across the UK.
The £2.5million from ThinCats will accelerate expansion plans by NQ64, which is already backed by Imbiba, to Leeds, Birmingham, Bristol, Bath, Nottingham, Reading, Belfast, Sheffield, Aberdeen, Brighton as well as further London sites following its successful opening in Soho earlier this year.
Mr Haygarth said: “We are really excited about the next phase of growth. With the backing of Imbiba and our new partnership with ThinCats, we are looking forward to bringing our neon splattered drinking dens to a host of new guests. We generally now invest between £500,000 and £1m into the build of a new site.”
The concept combines arcade games and classic consoles, with a drinks list of specially selected craft beer, themed cocktails and soda.
NQ64 is on the hunt for new venues of between 4,000 and 10,000 square foot. The concept can trade in ground, basement or first floor locations and will pay an 'appropriate premium' for late licensed sites in prime locations.
Andrew Stones, partner at Imbiba, added: “Andy and Matt have built a really interesting and unique concept, and we are seeing plenty of great opportunities to expand the footprint throughout the UK. It's great to be supporting such an awesome young business on this journey.”
Mike Dinnell, director of business development at ThinCats, said: “It is fantastic to be involved with a business like NQ64 that clearly has a strategy to grow across the UK.
"NQ64 is a bar where classic console games and great cocktails find perfect harmony across a range of age groups. The quality of the management team in place really underpins the growth plan we are supporting.”
NQ64 was advised by Montane Finance and financial due diligence was conducted by Pierce & Co. Legal support was provided by Browne Jacobson and Hill Dickinson on the transaction.
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