Eclectic Bars reports strong year
Eclectic Bars, the 13-strong operator of the former Po Na Na business, which is owned by Avanti Capital, has reported total sales for the 11 months to the end of May 2009 were up 20% on last year and up 12% on a like-for-like basis.
The company reported a “significant improvement in EBITDA over the same period”.
Eclectic opened a new concept Sakura in Lincoln in October 2007 which is now well into its second year of trading - it is expected to deliver EBITDA some 64% ahead of management expectation.
The latest Sakura, which opened in Reading in May 2008, has now passed the one year mark and is expected to deliver EBITDA some 68% ahead of management expectation.
A statement said: “In the final weeks of this financial year, Eclectic has refurbished its Chelsea club, Embargo and it has re-emerged as Embargo 59.
“Even though this club has always been popular with locals and celebrities, the aim is to take this very successful venue and give it more style, better facilities, and add some class and sophistication to keep pace with the expectations of a demanding market place. Eclectic’s strategy continues to be to assemble, grow and improve a large portfolio of bars.” Eclectic said it planned to take advantage of depressed market conditions to acquire venues and businesses at sensible prices.
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