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Nightcap – how about a full-year trading update, or are the banksters insisting on a bailout placement first?

Nightcap (NGHT), the bars chain floated in a deal to save face for Dragon’s Den star, the ghastly Sarah Willingham, has a curious period end 27th June and December. I have previously noted how this allows the company to mislead investors, as its period-end balance sheet will always include a full month’s cash inflow, but not the final month's wages.

EPIC NGHT
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Nightcap: More Red flag corporate governance questions than answers

Like all piss poor companies, in the end NightCap (NGHT) will run out of other folks’ cash.  But there are also massive corporate governance red flags to address. In my article of Saturday 20 November 2021, A GROWING SCANDAL: Sarah Willingham’s Nightcap: questions for the independent non executives and the auditors, I focused on two payments made to Sarah and her husband Michael Willingham-Toxvaerd being:

EPIC NGHT
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Sarah Willingham's NightCap says interims “fantastic” but in fact they fail to hide that a cash crisis is on the way

We shall come to the matter of the £167,500 and other ESG red flags later, for now let’s focus on interims from NightCap (NGHT) which show very clearly that a cash crisis is imminent.  The half year is to 26 December. That means you get a full month’s takings in what is the busiest month but since you don’t pay suppliers for at least 30 days and avoid 5 days of largely income free costs, the balance sheet flatters to deceive.  I have asked NightCap on what day it pays its staff but so far it has not responded. I wonder why. Even with the bodges the numbers are dire.

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