A bar group which has just taken over and reopened a popular Birmingham outdoor events venue has been bought out.
Adventure Bar Group has been acquired in an undisclosed deal by London-based listed investor Nightcap.
The former announced in March that it had signed a ten-year lease deal to take over the operation of the 2,500-capacity Digbeth Arena which has since been rebranded Luna Springs and reopened last month in line with the latest easing of covid restrictions.
The company's co-founders and directors Tom Kidd, Toby Jackson and Bryan Lloyd will remain in their posts following completion of the deal.
A second venue in Birmingham, cocktail bar Tonight Josephine in Stephenson Street, is set to have its launch on May 17 after its planned grand opening in December was scuppered by changing coronavirus restrictions.
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Mr Kidd told BusinessLive last month Adventure Bar Group was already on the lookout for even more venues in Birmingham, a message he has reiterated today following the buyout deal.
"We are super excited about the opportunity to keep rolling out more venues with the support of Nightcap," he said.
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"The acquisition means we can forge ahead with our expansion plans much more quickly and on a much larger scale.
"It's business as usual across all of our sites, including Luna Springs and Tonight Josephine in Birmingham."
Adventure Bar Group was founded in 2005 and now has seven venues in the capital and its two sites in Birmingham.
Nightcap, which floated on AIM in January, specialises in acquiring and organically growing drinks-led businesses and is now conducting a £4 million share placing to fund both the acquisition and the rollout of up to 40 more Adventure Bar venues.
It called the buyout "a compelling and complementary acquisition" for the business.
Chief executive Sarah Willingham added: "Tom and Toby have built an enviable portfolio of amazing brands and venues which have delighted their customers for years.
"Bringing Adventure Bar Group into the Nightcap family was a logical step for them in pursuit of their ambition to realise the full potential of their brands.
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"I am truly looking forward to working with them to realise that ambition.
"The further expansion of Adventure Bar Group will take place during a time where the opportunity to acquire first-class property at attractive rates is unmatched by anything I have seen during my 25 years in hospitality.
"The acquisition furthermore expands the opportunity to take on different types of property, particularly with the Bar Elba and Luna Springs concepts trading as large outdoor venues, benefitting significantly when trade is restricted indoors and during the summer period.
"We are all looking forward with much excitement to May 17 when our entire estate will be able to welcome back customers."