Ousted Ultimate chief
starts Utopian venture
by The PMA Team
Former Ultimate Leisure chief executive Bob Senior has launched a new company just six weeks after he was ousted from the nightclub operator, the Morning Advertiser has learnt.
Senior's new firm, Utopian Leisure Group, has a £50m debt facility with the Royal Bank of Scotland and the NatWest.
Working with Senior is Tim Wynn, former development director at Ultimate.
It is understood Belfast restaurateur Eddie Fung will be con- sulting on new food offers. Fung had been due to work with for-mer Ultimate bosses on a refur- bishment scheme at a site in Sun- derland, Tyne and Wear, before circumstances overtook them.
Senior said: 'We are starting with a clean sheet of paper and a sizeable debt facility. We are looking to combine music, food and drink to create a grown-up offer in the right premises. There is no particular hurry, though.
'If we spent six months or a year looking for the right first site it would not matter we plan to spend wisely.
Utopian will be trawling Britain for acquisition opportunities. Senior said Belfast, where Ultimate traded successfully, would also be looked at.
During his days at Ultimate, Senior focused largely on freehold acquisitions.
At the five leasehold sites in the 31-strong Ultimate portfolio, Senior looked to ensure any premium paid was returned within a year. 'The climate has changed and I think we'd be happy with a 20% return on freehold investment, he said.
Senior and Ultimate chairman Allan Rankin left Ultimate after a shareholder revolt led by Dawnay Day, which wanted a more ambitious expansion programme at Ultimate.
Senior was replaced at Ultimate by former Yates chief executive Mark Jones, who became executive chairman.
Jones was joined at Ultimate by Colin Rowlinson, previously finance director at Yates's.
Utopian can be contacted at the Coach House, 140 Conis- cliffe Road, Darlington.
