29th Jul 2014 11:48
LONDON (Alliance News) - Lola Lo and Po Na Na bar owner Eclectic Bar Group PLC Tuesday said trading in its financial year just ended was in line with both management and market expectations.
In a trading statement for the financial year ended June 2014, the UK bar and nightclub operator said it also intends to pay its first dividend for the year after its annual general meeting in October.
The group listed on AIM in November last year to fund its growth through new site acquisitions and developments. Since then, it has invested in a number of new site openings. In March, Eclectic Bar introduced the Lowlander Grand Café bar and brasserie in Covent Garden to its estate, bringing the number of trading venues it operates to 21.
Eclectic Bar said Tuesday that it has recently signed an agreement to lease a new site in Liverpool, which it said is a key target city for the group.
"The company intends to develop this unit in the financial year ending June, 2015 for 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," the company said in its statement Tuesday.
The group said it has also concluded a "significant extension" on the Embargo club lease on Kings Road in Chelsea, London to 2033. The club and terrace space is currently being extended and refitted, and will reopen towards the end of next month, it said.
Eclectic Bar also said it has appointed Leigh Nicolson as chief operating officer with immediate effect. Nicolson joined the group in 2006 as area manager for the London area and was appointed operation director in 2010.
The group said it will announce its maiden full year results on September 30.
Eclectic Bar shares were up 1.7% at 184.00 pence Tuesday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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