Tiger Tiger outlook is brighter

Urbium, operator of bar-nightclubs including the Tiger Tiger chain, said today that prospects for 2004 were looking brighter.

Announcing the group's financial results for the year to 31 December 2003, chairman John Conlan said: "We believe prospects for 2004 are more encouraging than they have been for some time.

"Having performed robustly through a period of difficult economic conditions, the group is in good shape."

During 2003 turnover on continuing operations rose by 13% to £67.6m, while pre-tax profit was up by 2% to £9.3m.

The group said its highlights for the year included the strong recovery in London after the closure of the underground's Central Line and the impact of the Iraq war affected business early in the year.

The group also performed well during its peak Christmas trading period, with like-for-like sales in December up by 4%.

The robust performance in London came despite a weeker performance from Red Cube and Sugar Reef.

Conlan said: "Both have been undergoing a phased market repositioning to reduce their reliance on the higher-end celebrity bar and restaurant trade, which has been under pressure for some time.

"The strategy for these two large-capacity businesses is to build up the bar-nightclub and post-work trade whilst retaining, at Sugar Reef in particular, a significant restaurant facility."

Red Cube is to lose its name and become a more conventional Urbium bar-nightclub.

Urbium operates 26 late-licensed bar-nightclubs, aimed at 25- to 40-year-olds. It has seven Tiger Tigers, including one in central London.

Buy this week's Caterer magazine for more industry news and analysis