chorion

although I do not hold this share yet, I`ve been having a very close look at it, having been in bar management for some years, and visited tiger tiger in haymarket on anon round the courner and sugar reef the most recently, I have very much liked what I`ve seen. One of my old area managers also works for on anon (7 bars and a club in one, I espicially liked the ski lodge part) and has very good views of the company, future. The concept of reccesion and tourists will no doubt have an effect on these sites, but the market they are aimed at and their position in this market, make them less prone to slow downs. The people who use these locations don`t worry about money. How many bars do you pay upto £15 to get into on a normal night? not many apart from sugar reef, £10 for on anon and £5 for tiger tiger in haymarket. The provincial bars may be slightly harder hit, but from the perspective of a bar manager, these bars especially sugar reef are amazingly well designed, if a little overcrowed, but good for turnover I suppose. Also unlike many instries this is very cash generative, with a standard bar that i work for (all bar one) working on about 15%- 20% net profit margins i would imagin these are more in the 20-30% range, so there is always liquidity in the bussiness as cash is always coming in no bad debtors etc. These are my personal first hand views, I am however wondering if there is anything I`m missing on this company? I know about the IP side. DYOR

C