North-east bar and nightclub operator Ultimate Leisure has launched a new strategy after a board shake-up due to falling sales.
Five new executive directors were brought in six weeks ago after shareholders demanded changes as profits continued to drop.
Of the original board only finance director Craig Bell has remained.
Results for the year ended 30 June showed profit before tax fell 6% from £8.9m in 2004 to £8.4m.
Mark Jones, who replaced Allan Rankin as chairman in the clear out, said the second half of the year had been particularly weak.
Jones said as part of the company new strategy it would be introducing food at its Chase, Blubambu and Coyote Wild bars for the first time.
Ultimate will open a new Blubambu in Derby before the end of this calendar year and plans to open five more bars during 2006/ 2007.
It is also currently disposing of four sites.
The group has earmarked £5m to refurbish its existing outlets and to buy more sites.
By Amy Abrahams
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