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Wed 30th Oct 2013 - Thomas – No Saints profitable now after £3.4m loss
Thomas – No Saints profitable now after £3.4m loss: Nightclub veteran Stephen Thomas, who founded and ran the Luminar nightclub business for many years, has told Propel that his No Saints nightclub operation is now profitable after reporting a £3.4m loss in the seven months to September 2012. Thomas says that the £3.4m loss occurred after a third and fourth round of fund-raising did not materialise, and the company had to write down the value of a number of venues where investment was no longer possible and sites were surrendered back to landlords. Losses on the write-down of the value of assets and discontinued sites amounted to £3m. Trading losses of around £400,000 account for the remainder of the loss but the continuing business was profitable after central costs over the course of the full year. The company, which is now split into Jam House and Dancing Division segments, is forecast to make around £1.5m profit on turnover of around £16m this year. Thomas told Propel: “We haven’t done as well as we’d have liked but it is nothing to do with operational excellence. This is a profitable business: we had a series of site issues around lease and capital commitments to sort out after our third and fourth tranche of funding did not come through. We had to focus on our profitable sites.” Thomas said that the Jam House division made £460,000 Ebitda from its sites in Edinburgh and Birmingham, and the Dancing Division, which includes four sites where the company holds an investment and four sites it wholly owns, has made Ebitda of £609,000 in the most recent full year. He said: “We are not a stagnant company – we have a pipeline of new sites that will come online during the course of the year.” A new site in Cheltenham is due to open in mid-November, and the company re-opened Oceana, Wolverhampton at the start of this month. A spokesman added: “The discontinued operations represent sites that we have subsequently exited in 2013 and their costs will also be reflected in the 2013 accounts. However, agreements have now been concluded with all landlords.”
 


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