News blog

Eclectic Bar Group

  • BY: Andrew Hore |
  • POSTED: 30/01/2015 |

Late night bars operator Eclectic Bar Group is trading in line with the downgraded expectations following the profit warning last November but it has warned that a decision on the dividend will not be made until the figures for the year to June 2015 are published. 

Eclectic operates 20 venues under a variety of brands. Activity has reduced and competition intensified. Embargo Republica and Bristol Lola Lo were refurbished, while the poorly performing Sakura site in Bournemouth has been closed. Derby Lola Lo and Dirty Blonde in Brighton have been disappointing but there appear to be signs of improvement.

Interim EBITDA is likely to be fall from the corresponding period figure of £1.7m to around £1.1m. The interims will be announced by the end of March.
Costs are being reduced and efforts being made to increase mid-week student trade.

A new site is set to open in Sheffield in September when the new university year commences. The development of the Liverpool site is uncertain.

Eclectic paid a dividend of 2.5p a share in 2013-14, which was covered 2.8 times by earnings.

At the end of 2013, Eclectic raised £10.5m and £7.3m was used to pay back Avanti Capital. This valued Eclectic at £20.6m. The share price has slumped to a low of 98p.

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