The Deltic Group is to spend £8m on its next stage of investment in its estate.
The 59-strong late night operator is investing in the conversions of Oceana Watford and Plymouth to its Pryzm brand with a Steinbeck & Shaw late night bar and Liquid /Maine Street in Halifax to re-emerge as an Atik.
Since the new financial year started on 28 February, the group has completed seven refurbishments representing an investment of £4m year to date.
Spend to date has enabled the roll out of new concepts such as Bar&Beyond, which opened in Chelmsford last year and has now been extended to Stevenage with a third opened in Sheffield on Friday. Further investment in the portfolio has been injected into reimaging and upgrading existing clubs. These include Birmingham PRYZM, Nottingham PRYZM, Colchester ATIK, Cardiff Steinbeck & Shaw and Bristol Steinbeck & Shaw.
Russell Margerrison, chief financial officer, said, “This latest round of investment demonstrates that the late night economy in the UK is healthy. We pride ourselves on really understanding our guests and what they want. The PRYZM concept has proved especially successful with multiple music rooms, celebrity DJs and a focus on service. We are confident that our continued investment will help us to continue to deliver unforgettable experiences and keep surprising our guests, giving them every reason to come back time and again.
“These new concepts, coupled with the return of freshers, is expected to deliver a significant uplift in trading at the start of our busiest period of the year.”
Oceana in Watford is to undergo a £1m investment while the Plymouth site will relaunch as a Pryzm on 28 October after a £850,000 refit. A £550,000 investment will transform the existing Liquid/Maine Street, Halifax into an Atik.