Trading Update

RNS Number : 1279Q

Eclectic Bar Group PLC

15 June 2015

 



For Immediate Release

15 June 2015

Eclectic Bar Group plc

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

Asset Disposal and Trading Update

Eclectic Bar Group plc, one of the leading operators of premium bars in the UK, today provides the following trading update.

Asset Disposal

Eclectic has completed the sale of its Lola Lo operation in Norwich to Be At One for an undisclosed sum. This disposal is consistent with its strategy of focusing on the higher contributing sites within its portfolio.

Current trading

Current trading over the last few months has continued to see competitive pressures in a number of locations. Due to the pressure on sales and profitability the Company has undertaken a review of all costs both at site and head office levels and it is implementing a cost reduction programme accordingly. Effects of current trading are likely to impact on the result for this financial year.

Given current market conditions, we are retaining flexibility over the timing of the development and opening of our two new sites in Sheffield and Liverpool. An update on the progress of these sites will be given in September when we report our results for the year.

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

 

END

 

 

TSTPKPDQPBKKKAD