Po Na Na / Barclub announces 7% profit rise

The Po Na Na nightclub business, which is now called Barclub, saw an increase in like-for-like sales of 7% in the six months after it was restructured in a controlled receivership in June 2006.

The site Ebitda of the business was £520,000 during the six months to 31 December 2006, which was 14% ahead of the internal forecast set at the time of the restructuring.

The business turned over £6,934,000 but lost £456,000 including exceptional items.

In the second half, the business is trading ahead of the internal forecast and sales are ahead on a like-for-like basis, according to owner Avanti Capital.

A spokesman added: "Barclub has a very experienced and sound management team and is now considering a number of expansion opportunities both organically and by merger and acquisition."​

As at 31 December 2006, the carrying value of Avanti's investment in Barclub was £6.9 million or 82 pence per ordinary share.

As at 30 June 2006 the carrying value of the company's investment in Barclub was £7.5 million.

The reduction of £600,000 is represented by repayments made by Barclub to the company under the loan arrangements in place.