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Trading Update

15th Jun 2015 07:00

RNS Number : 1279Q
Eclectic Bar Group PLC
15 June 2015
 



For Immediate Release

15 June 2015

 

Eclectic Bar Group plc

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

Asset Disposal and Trading Update

 

Eclectic Bar Group plc, one of the leading operators of premium bars in the UK, today provides the following trading update.

 

Asset Disposal

Eclectic has completed the sale of its Lola Lo operation in Norwich to Be At One for an undisclosed sum. This disposal is consistent with its strategy of focusing on the higher contributing sites within its portfolio.

 

Current trading

Current trading over the last few months has continued to see competitive pressures in a number of locations. Due to the pressure on sales and profitability the Company has undertaken a review of all costs both at site and head office levels and it is implementing a cost reduction programme accordingly. Effects of current trading are likely to impact on the result for this financial year.

Given current market conditions, we are retaining flexibility over the timing of the development and opening of our two new sites in Sheffield and Liverpool. An update on the progress of these sites will be given in September when we report our results for the year.

 

 

Enquiries:

 

Eclectic Bar Group plc (www.eclecticbars.co.uk)

Tel: 020 7376 6300

Reuben Harley, CEO

John Smith, CFO

Panmure Gordon

Tel: 020 7886 2500

Corporate Finance

Andrew Godber / Atholl Tweedie / Duncan Monteith

Corporate Broking

Charles Leigh-Pemberton / Maisie Atkinson

Instinctif Partners

Tel: 020 7457 2020

Matthew Smallwood

Justine Warren

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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