Eclectic, the bar group led by Reuben Harley, has reported a 13% rise in pre-adjusted EBITDA to £1.7m in the six months to December 2013, and also announced the acquisition the Lowlander Bar and Brasserie in London’s Covent Garden, together with the Lowlander brand, which it hopes to rollout nationally.
In addition, the group announced that it has increased its banking facility from £1.5m to £5m for new acquisitions.
In its first results announcement since its flotation on AIM, the group, which raised £15m through its IPO, saw sales grow 9.6% to £11.4m during the period in which it acquired Coalition in Brighton, Coyote Wild in Derby and a new lease in Deansgate Locks in Manchester; the latter two sites have re-opened as Lola Los.
Profit before tax and highlighted items was at £0.8m (2012: £0.6m).
The company has exchanged contracts to acquire Lowlander in Covent Garden. “This is an established bar and brasserie business and provides an immediate profit contribution and importantly a food-led brand which can be rolled out nationally over time,: the company said.
Eclectic has increased the RCF facility with Barclays Bank from £1.5 to £5m, “to give the group the capacity for further new acquisitions”.
Harley said: “This has been a very exciting period for Eclectic and we are delighted with the successful listing and the support of our new shareholders. It has also been a busy time within the business with four new sites taken on over the last six months as well as a major refurbishment in Brighton.
“The Manchester Lola Lo site has outperformed sales expectations since opening in December. The newly refurbished Derby site will open in April as the tenth Lola Lo. Our first Dirty Blonde outlet, based on a new ‘speakeasy’ concept, opens this week in Brighton. We are also pleased to have acquired the Lowlander business which gives us a brand able to operate throughout the day, led by a quality food and drink offer. We have identified site opportunities across the UK which would suit this type of business building on past experience in restaurants.
“Throughout this busy period our team have continued to do an excellent job supporting the business. I’d like to take the opportunity to thank them and look forward to their continuing support.”