Eclectic Bar Group has reported its Maiden Results for the 52 weeks to 29 June 2014, with Reuben Harley, Chief Executive Officer commenting:
I am pleased to report results in line with our expectations. The Group is developing well and has a firm foundation and an appropriate capital structure following the IPO last year from which to build. We will continue to acquire sites judiciously across the UK and operate a number of different formats depending on the location. The current year will see us reaping the rewards of the investments we have made and we look forward to delivering further progress.
Highlights
- Revenue on continuing operations was up 11.7% at £23.0 million (2013: £20.6 million)
- Total revenue including discontinued operation was up 10.1% at £23.3 million (2013: £21.2 million)
- Group EBITDA on all operations before highlighted items was £2.9 million (2013: £2.8 million)
- Group EBITDA on all operations after highlighted items (costs associated with the listing and new openings) was £1.7 million (2013 £2.8 million)
- Group EBITDA on continuing operations before highlighted items was up 14.1% at £2.6 million (2013:£ 2.2 million).
- Group EBITDA on continuing operations after highlighted items (costs associated with the listing and new openings) was £1.3 million. (2013: £2.2 million).
- Profit before tax and highlighted items increased to £1.0 million up 10.0% on the prior year (2013: £0.9 million).
- Loss before tax (including discontinued operations) and after highlighted items (the costs associated with the listing and new openings) was £0.2 million (2013: profit of £0.9 million).
- Acquired Coalition in Brighton in October 2013
- Acquired a new lease on Deansgate Locks Manchester which opened as the ninth Lola Lo in December 2013
- Acquired the freehold of Coyote Wild in Derby (Lola Lo) which re-opened as a Lola Lo in April 2014
- Madame Geisha in Brighton was temporarily closed and has been refurbished as the Group’s first Dirty Blonde, launched in March 2014
- Acquired Lowlander in Covent Garden, an established bar and brasserie business which provides an immediate profit contribution and importantly a food-led business which can be rolled out nationally over time.
- Increased the Revolving Credit Facility with Barclays Bank from £1.5 to £5 million to give the Group the capacity for further new acquisitions and allow for further development of existing sites
Post year end
- Two leases signed since year end in Sheffield and Liverpool
- Major refurbishment of Embargo 59 utilising the space more fully, renamed Embargo Republica
- Intention to pay special dividend in November 2014, of 2.5p.
About Eclectic
The Group is a leading operator of premium bars in the UK. Eclectic’s portfolio comprises 23 venues (21 at the end of the year) located in major towns and cities, predominantly targeting a customer base of sophisticated students midweek and stylish over 21s and young professionals at weekends.
The Group focuses on delivering added value for its customers, with premium product ranges, high-quality music and entertainment, and a commitment to high service levels and standards. Eclectic trades across its estate under a variety of formats, including Embargo Republica, Lola Lo, Sakura, Dirty Blonde, Lowlander, Coalition, Po Na Na and Fez Club.
The Group’s management team, led by Reuben Harley, who has over 25 years’ experience of working in the UK pub and bar industry, is implementing a strategy to grow the business through the development of new sites either under the Company’s existing formats or those of acquired businesses as appropriate opportunities present themselves.
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