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Ultimate Leisure to refurbish sites following spiralling sales
Nightclub and bar operator Ultimate Leisure is to invest heavily in upgrading its property portfolio following a collapse in sales.
The Newcastle-based company – which operates the Prohibition, Chase, Blubambu and Coyote Wild brands – announced it will spend £4m on club refurbishments during the current financial year.
The decision comes as the group was forced to issue a profit warning after suffering a “substantial reduction” in sales and door income.
Mark Jones, chair, said: “Trading over the important Christmas and New Year period has proved to be very difficult.
“This reflects the historic lack of investment in the our bars and therefore we anticipate that profit for the year to 30 June 2006 will be substantially below current market expectations.”
Last September, the entire management team of the troubled group resigned following a dispute over the future strategy of the company.
Last year, Ultimate suffered a 6 per cent fall in pre-tax profits. Details: www.ultimateleisure.com
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