Eclectic Bar toasts maiden interim results with profit growth

26th Mar 2014 12:18

Acquisitive nightclub group Eclectic Bar, which floated on AIM in November, lifted first-half sales and operating profits.Revenues frothed up 9.6% to £11.4m and group operating profits shot up 13% to £1.7m, remaining flat at £3m on an individual site-by-site level.Net cash at the period end was £0.6m but the group has announced an increased revolving bank facility with Barclays of £5m to provide capacity for further acquisitions as well as announcing the second-half acquisition of the Lowlander bar in London to use as a driver of food-led growth. Eclectic acquired four venues during the period: Coalition Bar in Brighton; Coyote Wild in Derby, which is being converted into the group's Lola Lo tiki bar brand; Manchester Deansgate Locks, Eclectic's 20th site and the ninth Lola Lo bar; and Madame Geisha in Brighton, which opens on March 27th under the company's new 'speakeasy' concept called Dirty Blonde and fronted by what will appear to be a pawnbroker's shop.Since the period end the group has continued to trade well with similar trading patterns to the first half and is confident this profitable progress will continue. OH