The Deltic Group, the UK’s largest operator of premium late night bars and clubs with 57 venues across the UK, confirms that in 2017 it plans to invest £8.1 million in its estate.
The Group has a strategic focus on investing in its premium estate, its people and its customer offering – all of which come together to create exceptional nights out for Deltic customers. The money will be invested in 15 sites, both existing and new, including PRYZM Portsmouth, PRYZM Bournemouth, ATIK Edinburgh and a continued rollout of Bar&Beyond.
As the leading late night bar and club operator, Deltic understands that its customers are looking for fun, new ways to enjoy late nights out. As such, the business invests in its clubs every five years to ensure it continues to deliver exceptional nights out. Last year, the Group spent £8.4m refurbishing 12 clubs, including Bar & Beyonds in Stevenage and Norwich and PRYZM Birmingham. In its first year of trading, PRYZM Birmingham will have welcomed over 350,000 clubbers and averaged over £100,000 in revenue each week.
Peter Marks, Chief Executive of The Deltic Group said, “As our most recent Deltic Night Index report highlighted, young people still really enjoy going out to bars and clubs, and we want to make sure they’re having the best possible experiences when they choose our venues. We’re very proud that we understand what our guests want and invest in our estate to ensure that we’re delivering fantastic experiences each and every time. This latest round of investment is an example of that.”
Today The Deltic Group also announces its results for the year ended 25th February 2017.
In a challenging market the Group exhibited a resilient underlying performance:
• £8.4 m in the ongoing investment of existing and new clubs, including PRYZM Birmingham
• Turnover up to £102m (2016 £101m)
• Underlying EBITDA of £11.5m (2016 £13.4m)
• Admissions up 1.7% on a like for like basis
Commenting on the performance Peter Marks said, “In the last financial year the late night sector faced a number of challenges from which we were not immune. In addition, we took the decision to implement a more aggressive depreciation policy in line with best practice.
“Nevertheless, as the market leader with a strong balance sheet we were able to continue to invest in a range of long term growth opportunities. The current year has started well and I am confident that the initiatives we have in place will enable us to respond even more effectively to customer trends.’’