News Article Comments : Utopian Leisure loses £400,000 in first full year

Latest accounts from Utopian Leisure show that the nightclub business, which was founded by former directors of Ultimate Leisure, made losses of almost £400,000 in its first full year of trading.

The result comes despite the previous forecast by co-founder Bob Senior — made after the company’s year-end — that it would make a pre-tax profit of “not less than £800,000”.

In March 2007, Senior told the Morning Advertiser: “In our first year since forming Utopian — to the year ended 31 December 2006 — we generated profit before tax of not less than £800,000 on a turnover of £6.2m.”

However, accounts filed at Companies House show the company made a pre-tax loss of £379,000 in the year to 31 December 2006.

The accounts, which were due in July 2007 but not filed until June 2008, show that Utopian, which operates a clutch of clubs in the northeast of England, has assets of just over £13m and bank debt of just over £12m.