Eclectic, the multi-brand bar group, said that it remains cautious about trading for the second half of its company year during a trading statement for the six month period to 28 December 2014.
The company said that trading had been in line with the board's expectations. During the period Eclectic refurbished Embargo Republica and Bristol Lola Lo, leading to improved performance in both venues. It also closed Bournemouth Sakura which continued to underperform despite efforts to stimulate increased trade.
A bar in Sheffield is scheduled to open to coincide with the start of the new student year in late September 2015, while the timing of a site of Liverpool is under review.
Eclectic said it is "delighted" with the three new venues acquired during the last financial year: Manchester Lola Lo, Coalition (Brighton) and Lowlander. Meanwhile, the company is making progress with Derby Lola Lo and Dirty Blonde in Brighton, which it previously reported were not trading as expected.
A number of new initiatives have now been introduced to reinvigorate and encourage student trade in the next quarter, reduce costs and to mitigate the effects of competition.
The company intends to announce its interim results for the six months ended 28 December 2014 towards the end of March 2015.