Latest accounts from Utopian Leisure show that the nightclub business, which was founded by former directors of Ultimate Leisure, made losses of almost £400,000 in its first full year. The result comes despite the previous forecast by co-founder Bob Senior – made after the company’s year-end – that it would make a pre-tax profit of “not less than £800,000”. In March 2007, Senior told the Morning Advertiser trade newspaper: “In our first year since forming Utopian – to the year ended 31 December 2006 – we generated profit before tax of not less than £800,00 on a turnover of £6.2m.” However, accounts filed at Companies House show the company made a pre-tax loss of £379,000 in the year to 31 December 2006. The accounts, which were due in July 2007 but not filed until June 2008, show that Utopian, which operates a clutch of clubs in the North East of England, has assets of just over £13m and bank debt of just over £12m. In the same Morning Advertiser interview, Senior said that in its financial year to December 2007 the company’s profit would increase “dramatically”, with profit before tax rising to approximately 18% of turnover. He added: “From units already open and trading, Utopian will produce ebitda of not less than £3.5m and profit before tax of not less than £2.7m on a turnover of circa £15m.”