Po Na Na / Barclub announces 7% profit rise

By The PMA Team

- Last updated on GMT

Related tags Po na na Finance Mergers and acquisitions

The Po Na Na Logo
The Po Na Na Logo
The Po Na Na nightclub business, which is now called Barclub, saw an increase in like-for-like sales of 7% in the six months after it was...

The Po Na Na nightclub business, which is now called Barclub, saw an increase in like-for-like sales of 7% in the six months after it was restructured in a controlled receivership in June 2006.

The site Ebitda of the business was £520,000 during the six months to 31 December 2006, which was 14% ahead of the internal forecast set at the time of the restructuring.

The business turned over £6,934,000 but lost £456,000 including exceptional items.

In the second half, the business is trading ahead of the internal forecast and sales are ahead on a like-for-like basis, according to owner Avanti Capital.

A spokesman added: "Barclub has a very experienced and sound management team and is now considering a number of expansion opportunities both organically and by merger and acquisition."

As at 31 December 2006, the carrying value of Avanti's investment in Barclub was £6.9 million or 82 pence per ordinary share.

As at 30 June 2006 the carrying value of the company's investment in Barclub was £7.5 million.

The reduction of £600,000 is represented by repayments made by Barclub to the company under the loan arrangements in place.

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