Trading Statement

RNS Number : 5463D

Eclectic Bar Group PLC

30 January 2015

 

For Immediate Release

30 January 2015

Eclectic Bar Group plc

("Eclectic", the "Company" or the "Group")

Trading Statement

Eclectic, one of the leading operators of premium bars in the UK, today provides the following trading statement for the six month period ended 28 December 2014.

Overall trading for the period was in line with the Board's expectations as outlined in its announcement on 25^th November 2014

Eclectic invested in and refurbished Embargo Republica and Bristol Lola Lo during the period and both venues have shown improved performance. Additionally, we have closed Bournemouth Sakura which continued to underperform despite every effort to stimulate increased trade.

Sheffield is scheduled for opening to coincide with the start of the new student year in late September 2015. Timing of the development and opening of Liverpool is currently under review.

We are delighted with the three new venues acquired during the last financial year: Manchester Lola Lo and Coalition (Brighton) have both now operated for 12 months and are trading well; and Lowlander has continued to flourish since its acquisition at the end of March 2014. As reported in November, Derby Lola Lo and Dirty Blonde in Brighton were not trading as projected, but the Company is making progress with these sites.

Following our internal review we have instigated a number of new initiatives to reinvigorate and encourage student trade in the next quarter, reduce costs and to mitigate the effects of competition.

We remain cautious about trading for the second half which will depend on the outcome of our initiatives to target mid-week student trade and other competition across a number of our locations.

The Company intends to announce its interim results for the six months ended 28 December 2014 towards the end of March 2015.

Enquiries:

Eclectic Bar Group plc       (www.eclecticbars.co.uk)	Tel: [phone]
Reuben Harley, CEO John Smith, CFO
Panmure Gordon	Tel: [phone]
Corporate Finance
Andrew Godber / Atholl Tweedie / Duncan Monteith
Corporate Broking
Charles Leigh-Pemberton / Maisie Atkinson
Instinctif Partners	Tel: [phone]
Matthew Smallwood
Justine Warren

About Eclectic

Eclectic is a leading operator of premium bars in the UK. Eclectic's portfolio comprises 20 venues located in major towns and cities, predominantly targeting a customer base of sophisticated students midweek and stylish over 21s and young professionals at weekends. The Company focuses on delivering added value for its customers, with premium product ranges, high-quality music and entertainment, and a commitment to high service levels and standards. Eclectic trades across its estate under a variety of brands, including Embargo Republica, Lola Lo, Lowlander, Sakura, Po Na Na and Fez Club.

The Group's management team, led by Reuben Harley, who has over 25 years' experience of working in the UK pub and bar industry, is implementing a strategy to grow the business through the development of new sites either under the Company's existing brands or using brands which can be successfully maintained, as well as business acquisitions as appropriate opportunities present themselves.

 

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