The Deltic Group, one of the UK’s largest operator of premium late night bars and clubs, has reported its fourth consecutive year of growth including a 175% leap in pre-booked sales.
The company – whose brands include Pryzm, Atik, Fiction, Cameo, Kuda, Vinyl, and the new Bar&Beyond brand – operates 58 venues across the UK.
Turnover rose 8% during the year ended 27 February 2016, while profit before tax was up from £3.7m the previous year to £4.3m. The group reported there are now 6.9 million visits a year to its venues.
Deltic said it believes that a major factor in the current challenges faced by the nightclub sector – which has been plagued in recent years by heavy closure numbers – is under-investment in venues.
Announcing a programme of further spending, the company said it had refurbished half of its estate by the end of 2015. Revamps are now planned for sites in Nottingham, Bournemouth and Colchester. The company has also invested over £2m in the opening of new Pryzm sites in Birmingham, due to open this summer.
It also hopes to further capture early evening trade through the further roll-out of its Bar&Beyond concept. The brand has been implemented at eight former Chicago Rock Café sites the company acquired in November 2014, plus sites in Chelmsford and Stevenage, and operate seven days a week, with ‘street’ food on offer from 5pm. Further openings are planned.
New banking facilities, including a £10m term loan and £5m revolving credit facility, have been secured to support the planned spending.
Deltic Group’s chief executive Peter Marks said: 'It is very heartening to report these excellent results which reflect the hard work, capital investment and imagination of everyone at Deltic.
'We now have the ideal platform to be the dominant late-night player in each of our 58 clubs and bars. Our ability to respond to customer trends, backed by our financial firepower, gives me confidence in Deltic Group making further progress over the coming year.'