Naturally Sarah Willingham gushes about what a great Christmas her cash strapped bars group NightCap (NGHT) enjoyed. Well up to a point sweetie. The data you put out is very peculiar and defies rational explanation and as we enter dry ( and cold) January and February, the balance sheet looks very dicey indeed.
This is a slam dunk breach. Sarah Willingham and NightCap (NGHT), assisted by Nomad Allenby have clearly broken AIM Rule 11. I have written to Marcus Stuttard and the team of Oxymorons at AIM Regulation asking if they give a FF about this and will they enforce their own rules.
Amazingly after all of this, shares in the late night bars chain NightCap (NGHT) run by narcissist Dragon’s Den “star” Sarah Willingham, are up today, by 0.25p at 6.25p. There is nowt as queer as folks.
In 2022 Nightcap (NGHT) warned on 3 November that (piss poor) results would be out on 10 November. So far this year we have had no news on the numbers and it is blindingly obvious that Sarah Willingham’s company is pregnant with the current year’s lack of profits warning. Good news travels fast, bad news is always delayed. So instead of any news on the results/profits warning, to sugar the pill, we have another piece of bad news dressed up as good.
In 2022 Nightcap (NGHT) announced on 3 November that its full year results to July 2 would be published on 10 November and they were. A week’s notice was given. We are now on November 6th and there has been no announcement of when results will be out this year. Good news travels fast, bad news is delayed. So, what’s afoot, a source well acquainted with the company has contacted me.
Shares in Nightcap (NGHT) the bars chain being run into the ground by Dragon’s Den star Sarah Willingham are sliding again to a new all time low of just 5.75p. Almost certainly the company’s trading so far this financial year (starting July 3) has been below forecast and so in not ‘fessing to that I believe it has breached AIM Rules 10 and 11. I have written to the Oxymorons at AIM Regulation, demanding that they force a ‘fess up RNS.
Dragon’s Den star Sarah Willingham can run but she cannot hide. Consumer confidence is visibly waning, the train strikes continue and similar companies , consumer facing discretionary spend outfits, such as Mexican Tortilla (MEX) have already done the decent thing and ‘fessed that they are behind budget. Yet la Willingham who normally loves the sound of her own voice, is silent. But shares in Nightcap (NGHT) are sliding and, at 6.75p, are now at an all time low, almost 50% down on the last placing just a few months ago. I warn you this is looking almost terminal.
Dragon’s Den star Sarah Willingham and her debt laden nightclubs group NightCap (NGHT) is in real trouble: it must be sitting on yet another profits warning and the balance sheet is clearly creaking. It is only a matter of time before La Willingham is forced to ‘fess. The last profits warning was on 9th June. The next will accompany full year numbers and has to be worse.
Not for the first time the Mail on Sunday is doing PR for Sarah Willingham of Nightcap (NGHT). as usual it gets its maths hopelessly wrong.
I admit this is not a huge error and you may call me a pedant. I have been called worse. But if you are going to release results you might as well get the numbers right even if the overall picture, as is the case with NightCap (NGHT) today is one of a cash guzzling shit show facing a financing crisis. Sadly Sarah Willingham’s Nightcap has made a schoolboy error and should issue a correction.
Naturally Dragon’s Den Has-Been Sarah Willingham gushes about how brilliant these numbers from Nightcap (NGHT) are. Only a self-promoting twit like La Willingham could describe declining like for likes and surging net debt as “a fantastic half year.” Who is she trying to fool: herself (easy) or dumb investors in this hopeless company ( by definition even easier)?
There is today, finally, as I demanded, a trading statement from Nightcap (NGHT) the financially challenged bars chain of Sarah Willingham of Dragon’s Den “fame”. But it is hugely misleading, on an industrial scale, and the underlying position is grim, sales are falling and a cash crisis is looming. This is the pump before a bailout placing dump. Let me explain why an update described by the ghastly Willingham is not as she claims “positive”. Not at all.
Spending her 100% cash bonus for last year must be hard for former Dragon Sarah Willingham of NightCap (NGHT). With the company having abandoned its rollout plan because of a major cash crisis and as LFL sales plunged by 15% post year end, anyone with a shred of decency would be handing that bonus back. Not La Willingham, she spent Christmas on a luxury family holiday in Australia. Is she back yet? If so when is the (lack of) profits warning.
The corporate governance at Nightcap (NGHT) is - as I have exposed on this website so many times - dreadful. That rather surprises me as the non executive chairman Gareth Edwards is not a bad old stick despite having been a partner at the accursed law firm Pinsent Masons. One issue that the cash strapped company, now right up against the limit with its banks, and with its rollout programme on hold, is bonuses. I urge Gareth to look at events at Gresham (GHE), which - to make it easy for him - are detailed in full below.
