'Optimistic' Eclectic unveils increased earnings

By Martyn Leek, M&C Report

- Last updated on GMT

Related tags: Po na na, Private equity

Po Na Na: one fo Eclectic's brands
Po Na Na: one fo Eclectic's brands
Eclectic Bars said this morning it was optimistic for the future after revealing what it called a substantial increase in like-for-like sales and profits.

Eclectic Bars, the Sakura and Po Na Na operator, said this morning it was optimistic for the future after revealing what it called a substantial increase in like-for-like sales and profits.

The group, which is backed by the private equity company Avanti Capital, said it achieved sales for the six months to 31 December 2009 of £6.8m, up from £5.9m the year before. Company ebitda was £1.1m and site ebitda had also improved by nearly 22% during the period — up from £1.5m to £1.9m.

The operator of 12 bars and nightclubs said it would also be opening a new Sakura in the north west of England this August.

Eclectic reopened its Chelsea club Embargo 59 after an eight week refurbishment and said it had traded 173% over budget.

In a statement, the group, said: "This strong performance demonstrates the management team's ability to develop and grow the existing brands in the Eclectic group."

Commenting on the appointment of Jim Fallon as a non-executive director it added: "Jim has an extensive network of trade and financial contacts in the leisure sector having spent his career to date in both banking and providing M&A advice to companies in the leisure sector.

"This appointment will strengthen the management team at the strategic level."

Eclectic has a senior debt facility with Barclays, which stood at £0.8m as at 31 December 2009 down from £1.1m.

Related topics: Other operators

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