I have noted many times since Dragon’s Den “star” Sarah Willingham floated her late night bars chain Nightcap (NGHT) on the AIM casino that she does not appear to give a FF about disclosure rules. But this is taking the piss. For, right now, there is an attempt to raise £3.5 million at 5p underway.
Yesterday I asked who of disgraced Piers Linney, two business ”leaders” who were not household names even in their own households and who ran small companies that appear to be technically insolvent and La Willingham was the odd one out. The answer was La Willingham of Nightcap (NGHT) infamy.
Last week Nightcap (NGHT), the almost insolvent bars chain run by fading Dragon’s Den “star” Sarah Willingham announced that it was hoping to raise £3.5 million at 5p, citing possible M&A activity as well as the need to support “working capital”, i.e. keep the bailiffs at bay. The shares are 3.9p. What La Willingham did NOT announce was that Revolution Bars (RBG) which Nightcap had said it wanted to buy on May 2, had told it to get stuffed as the proposed deal just could not work. Do la Willingham and disgraced Nomad Allenby not give a feck abut AIM Rules on timely disclosure?
Okay so AIM rules are for little people. Not ex TV stars like la Willingham. We get that. I always said that the all share proposal was a non starter and so it has been confirmed but by Revolution only.
Belatedly Nightcap (NGHT) has put the document relating to the GM to approve the £3.5 million fund raise on 11th June up on its website and there are two enormous red flags.
The spoof that Nightcap (NGHT) might bid for Revolution Bars (RBG) is not even mentioned by Dragon’s Den “star” Sarah Willingham in today’s statement. That was just an attempt to big up her failing company ahead of a placing needed to stop it going bust next month as it is unable to meet both payroll and the quarterly rent roll. Natch La Willingham is excited. She always is.
My whistleblower has been on the dog and bone and she says that the news out of Nightcap (NGHT) the bars chain run by narcissist Sarah Willingham of Dragon’s Den infamy is getting worse. As explained here yesterday its spoof about loss making buying bars from Revolution Bars (RBG) has been called out so it now has no pretext for a bailout placing. For the cash position is looking increasingly grim.
Several of the countless disgruntled employees at Nightcap (NGHT) have sent me a video recorded by Dragon’s Den’s Sarah Willingham and sent to her staff. She accuses folks, clearly me, of being jealous of her success and spreading “fake news” about her and her company. I am afraid, with the shares at new record lows and the company facing a financial crisis within weeks, La Willingham has just lost the plot. The video is weird…
My source close to the action reckons that insolvency in the second quarter, perhaps as Nightcap struggles to meet both payroll and its quarterly rent payments at the end of June, is now more likely than ever. For Nightcap (NGHT), revolting underground workers could be the straw that breaks the camel’s back.
Revolution Bars (RBG) looks to be pretty screwed, as I noted earlier. But Sarah Willingham’s Nightcap (NGHT) is also a great bet to gig with the Fat Lady though it is still in denial. But the comparative valuation metrics here will be touted by some.
As the United Kingdom slowly sinks into a cesspit of sleaze, corruption, fraud and lies I hold no hope whatsoever that the Oxymorons at AIM Regulation will do anything about companies that break its own rules and so deceive investors. But I have written to the Oxymorons anyway about Sarah Willingham’s Nightcap (NGHT) urging action NOW and certainly before it goes bust in June.
On 12 September 2022 Sarah Willingham and her NightCap (NGHT) chain issued an RNS “Barrio Familia Group Watford Opening”
The big elephant in the room at NightCap (NGHT) is that it missed its Christmas budget by a mile, is being booted out of its biggest venue within weeks and will run out of cash on March 25 when quarterly rents are due and that it has not ‘fessed to this as it should under AIM Rule 11. That all comes down to corporate governance where this company is among the worst on AIM, if not the worst.
Thanks to the shocking revelations of a whistleblower HERE we known that NightCap (NGHT) will be unable to pay its rent as it falls due on March 25 after a Christmas period where it missed budgets by a country mile. Natch Sarah Willingham is in breach of AIM Rules in not ‘fessing to this but could things be getting even worse? Yes.
Over the weekend I exposed some true bombshells about AIM listed Nightcap (NGHT) led by Dragon’s Den “star” Sarah Willingham. The company and its hapless adviser Nomad Allenby has yet to respond either via an RNS or directly to me. The whistleblower who is my source says they have more to come and so serious are the matters raised that silence is just not an option. I have written to the Oxymorons at AIM Regulation
This is devastating and raises questions not only about corporate governance as Nightcap (NGHT) the AIM listed bars chain run by Dragon’s Den star Sarah Willingham but also about its financial viability, it will run out of cash by March. A whistleblower has come forward and they have served up a string of dynamite exposes making this company uninvestable.
