Living Ventures eyes stock market debut

Living Ventures, the bar group headed by Tim Bacon, plans to float on the stock market within the next 18 months.

Mr Bacon (pictured)​, chief executive, told The Times newspaper that the company had £8m to fund new openings over the next year but was looking at ways of funding growth beyond 2004.

"We're reviewing our options at the moment," he said. "Our venture capital backers will want an exit in the next 12 to 18 months, but we're growing quite strongly so we need to sort things out. I think something needs to happen this year."

The fast-growing business, which operates Living Room and Prohibition bar chains, today released Christmas trading figures.

Overall, like-for-like sales increased by 16.2 per cent for the five-week period to January 4.

Three new bars that have opened since March 2003 are recording average weekly sales of £52,000, net of VAT.

The group is planning seven new bars this year and sites have been secured in Glasgow, London, Newcastle, Oxford and York.

Living Room, the company's discerning bar and food concept, was named Retail Brand of the Year at last year's Publican Awards.