Best bar none: But nightclubs fail to sparkle

PROFITS at Edinburgh-based bar operator Montpeliers have slumped 83 per cent after its Lulu and Opal Lounge nightclubs failed to match their previous “exceptional” performance, the firm said.

Accounts filed at Companies House showed pre-tax profits fell to just £101,000 in the year to 24 April from £593,000 in the previous 12 months.

But Montpeliers’ directors said the results had still beaten their expectations given the “background of weak consumer confidence and a difficult retail environment in Edinburgh”. Turnover dipped 4.5 per cent to £15.3 million.

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Development director David Johnston told The Scotsman that the current financial year had been “pretty good” but warned rising unemployment could make 2012 tougher.

Montpeliers took an £83,000 writedown after selling its Assembly Bar on Lothian Road in July. The firm’s bars and restaurants include Candy, Indigo Yard, Ricks and Tigerlilly.

PETER RANSCOMBE