Pre Close Trading Statement

RNS Number : 5483N

Eclectic Bar Group PLC

29 July 2014

 



For Immediate Release

29 July 2014

Eclectic Bar Group plc

("Eclectic", the "Company" or the "Group")

Pre Close Trading Statement

Eclectic, a leading operator of premium bars in the UK, today provides the following pre-close trading statement in respect of the 12 month period ended June 2014.

Trading for the period is in line with the Board's and the market's expectations. The Company's two most recently rebranded sites (Dirty Blonde, Brighton and Lola Lo, Derby) have been successfully launched in the period. In March, the Company introduced the Lowlander Grand Café bar and brasserie in Covent Garden to its estate, bringing the number of trading venues to 21. The Company intends to pay its first dividend in respect of the 12 month period ended June 2014 after the next annual general meeting in October 2014.

Looking forward, Eclectic is pleased to report that it has recently signed an agreement to lease on a new site in Liverpool a key target city for the Group. The Company intends to develop this unit in the financial year ending June 2015 to Lola Lo, bringing the total number of Lola Lo units to 11. The new acquisition is subject to the satisfactory outcome of planning and licensing applications. In addition, the Company has also concluded a significant extension on the Embargo, Kings Road lease to 2033. This club and terrace space is currently being extended and refitted, and will reopen towards the end of August 2014.

The Company intends to announce its maiden results for the 12 months ended June 2014 on 30 September 2014.

Appointment of Chief Operating Officer

The Company also announces that Leigh Nicolson has been appointed to the Company's Board as an executive director and Chief Operating Officer with immediate effect. Leigh joined the Group in 2006 as area manager for the London area. His role developed to become national operations manager, and he was appointed operations director for Eclectic in 2010. Leigh has been hugely instrumental in the development and growth of the Group and will further strengthen the Board in his new role.

Leigh Bryden Nicolson, aged 37, is beneficially interested in 144,750 ordinary shares in Eclectic, representing approximately 1.1% of the Company's issued share capital, and in options over 156,250 ordinary shares in Eclectic, representing approximately 1.2% of the Company's issued share capital.

There are no further matters in connection with the Company's appointment of Leigh Nicolson to be disclosed under Schedule Two paragraph (g) or Rule 17 of the AIM Rules.

Enquiries:

Eclectic Bar Group plc       (www.eclecticbars.co.uk)	Tel: [phone]
Reuben Harley, CEO John Smith, CFO
Panmure Gordon	Tel: [phone]
Corporate Finance
Andrew Godber / Atholl Tweedie / Duncan Monteith
Corporate Broking
Charles Leigh-Pemberton / Maisie Atkinson
Instinctif Partners	Tel: [phone]
Matthew Smallwood
Justine Warren

About Eclectic

Eclectic is a leading operator of premium bars in the UK. Eclectic's portfolio comprises 21 venues 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 Company 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 brands, including Embargo 59, 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 brands or using brands which can be successfully maintained, as well as business acquisitions as appropriate opportunities present themselves.

Lola Lo 10 sites                     

Bournemouth

Brighton

Cambridge

Edinburgh

Derby

Lincoln

Norwich

Oxford

Reading

Manchester

Sakura 2 sites

Manchester

Reading

Po Na Na 3 sites

Bath

Bristol

Wimbledon

Fez Club 2 sites

Cambridge

Putney

Coalition         Brighton

Dirty Blonde   Brighton

Lowlander       Covent Garden

Embargo 59    Kings Road

 

END

 

 

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