Utopian renegotiates loan

Utopian Leisure, the bar and nightclub company headed by Bob Senior, renegotiated its loan facilities last month after breaching its banking covenants last year.

The company has negotiated a new £7.92m loan, with £6.92m repayable in half-yearly instalments between June 2010 and June 2019 — the remaining £1m is repayable on 30 June 2019.

Previously, the company had bank loans of £7.782m and breached covenants relating to £6.875m of them.

The company reported: "As part of these negotiations, an unfavourable

fixed-rate interest rate

swap agreement, which was entered into by a subsidiary undertaking, has been terminated."

Utopian Leisure Group reported profit of £555,000 for the year to 31 December, of which £458,000 was a profit on disposal and £122,000 was operating profit.

The group as a whole traded at a loss in the year, according to Companies House documents.

Property director Tim Wynn resigned in July as did chairman Alan Rankin.

Subsidiary accounts talk of Utopian selling its Belfast business because of poor performance.