Acquisitions boost Premium Bars & Restaurants
Living Room operator Premium Bars & Restaurants (PBR) is pinning its hopes on its acquisitions and investment in its existing business to help drive growth.
Noting the "well-chronicled, fragile state of consumer confidence", PBR chairman Mark Jones said he was "confident that the investments in our core estate and the acquisitions we have made have placed the group in a much stronger position for the current year and beyond".
Current trading was following similar trends to those seen in the group's first half, Jones said.
"Our food-led businesses The Living Room and Bel and the Dragon continue to perform well, while some of our late night bars and nightclubs, that have no smoking solution, are continuing to experience tougher trading."
The acquisitions last year of the Living Room and Bel And The Dragon food-led businesses have helped shift PBR's trading away from its historical reliance on wet sales.
Food turnover now accounted for nearly a quarter of PBR's revenue, up from four per cent in 2006.
PBR - formerly known as Ultimate Leisure - announced first half operating profits to the end of December last year of £2.1m, up from £500,000 in the same period in 2006.
Driven by acquisitions turnover rose 95 per cent to £35.4m, while EBITDA grew 127 per cent to £4.1m.
Jones said PBR's hotels and premium bars had "performed well" during the period, thanks in part to an investment programme begun three years ago, and noted it had identified "a small number" of sites for disposal.
