Premium Bars and Restaurants plc operate a largely premium estate of bars and restaurants, spearheaded by Bel and the Dragon, The Living Room and Prohibition Bar & Grill, a number of individually named bars and clubs and two hotels.

We began life in 1997 as Ultimate Leisure Group and our estate focused on late night venues in the North East of England. Indeed when the present management team were appointed to the business in August 2005, 73% of the total estate was in the North East.

Under the leadership of Mark Jones, the management team has pursued a progressive strategy which has four clearly defined objectives. Major acquisitions have been made; those sites that are not capable of making the transition to fit with the new strategy have been disposed of; and the offer in the remaining core estate has been broadened.

The first of these objectives is to shift the appeal of the bars so they cater for the premium end of the market. Prohibition Bar & Grill (December 2006) Bel and the Dragon (May 2007) and The Living Room (June 2007) have all been bought to satisfy this first objective. As at December 2007 there are five Prohibitions, four Bel and the Dragons and 13 Living Rooms.

The second objective is to increase the company’s exposure to food. Food sales are a major growth driver, and whilst it is not our intention to completely abandon the wet-led character of much of our estate, we need to balance this with a meaningful food operation of integrity and quality. Clearly the acquisition of Bel and the Dragon, The Living Room and Prohibition Bar & Grill had this further objective at the forefront.

We originated in the North East, and indeed still have a major commitment to the region, but a balanced geographic spread makes good financial sense. Less than one third of our total estate is now in the North East. We will continue to reduce our dependence on this one area as we acquire new sites and further develop our business.

Finally, in this increasingly competitive industry we recognise the importance of professional marketing disciplines and have therefore invested resource in employing the right people, ensuring there is always a clearly defined offer, making full use of the seasonal calendar and securing the best quality from all our suppliers. Looking forward our marketers will continue to work on a strategy of clear differentiation for our major brands.