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Eclectic Bar Group

  • BY: Andrew Hore |
  • POSTED: 07/05/2014 |

Hargreave Hale continues to reduce its stake in late night bars operator Eclectic Bar Group. 

Hargreave Hale acquired a 19.4% stake at 160p a share when Eclectic joined Aim on 28 November. Since then, the investor has sold nearly 1m shares over six months, which leaves it with 11.8%.

Helium Special Situations has been acquiring shares. It originally bought a 9% stake and has subsequently increased this to 16.5%.

In the six months to December 2013, revenues improved from £10.4m to £11.4m, while pre-tax profit, excluding flotation costs, rose from £580,000 to £770,000. Net cash was £650,000 at the end of 2013 and in March Eclectic secured a £5m three year revolving credit facility.

Eclectic has a number of brands including Embargo 59, Lola Lo, Sakura, Po Na Na and Fez Club. The latest brand is Lowlander Grand Cafe, which was acquired in March for £850,000. This is a grand cafe style bar that has been in Covent Garden for 12 years. Management believes that it can open up additional sites under this brand which operates throughout the day.

The share price has risen to 169p since flotation, which values Eclectic Bar at £21.8m. The shares are trading on 22 times prospective 2013-14 earnings, falling to 14 in 2014-15, which is the first full year as a quoted company.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2014_55.pdf

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