Eclectic Bars reports sales increase

By John Harrington

- Last updated on GMT

Related tags: Bartender, Depreciation, Cocktail

Eclectic Bars, the Avanti Capital-backed bar and club operator, saw sales increase in the six months to the end of December 2012.

Total sales grew from £10m to £10.2m, site EBITDA (earnings before interest, taxes, depreciation and amortisation) rose from £2.5m to £2.75m and company EBITDA grew from £1.5m to £1.7m.

Avanti said: “Despite the strong performance for the same period last year, the management team continues to drive performance.

“Sales for the period were slightly ahead of last year, both in total and like-for-like.

“Trading for the period and over new year was again strong, and management are optimistic that the second six months will continue the trend seen in the first half.”

In July 2012, Eclectic entered into a management contract to operate a further 33 venues on behalf of PBR Leisure, bringing the total estate to 50 from 16. The value of Avanti’s investment in Eclectic had a book value of £7.3m (2011: £7.4m), equating to 91p per share.

Last September Eclectic renewed its term debt for a further three years and agreed a £1.5m revolving facility to support its refit and acquisition programme.

This month the firm announced the acquisition of the Madame Geisha cocktail bar in Brighton and said it plans to launch three new sites every year.

Related topics: MA500 Business Club, Other operators

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