Bar and nightclub operator Ultimate Leisure is to change its name to Premium Bars and Restaurants as part of its ongoing refurbishment programme.

The group launched a recovery project last year after spiralling sales lead to a profit warning and the company ended its financial year 2006 with turnover down 10 per cent.

As part of the recovery effort, Ultimate sold a number of sites it had deemed unwanted and also closed 15 sites for refurbishment.

During the past 12 months the group has recuperated and acquired The Living Room and Bel and the Dragon brands, while disposing two nightclubs, in an effort to balance its “wet-led income with quality food-orientated businesses”.

Reporting its full-year results to 30 June, Ultimate announced the strategy was reaping the benefits as total group sales had more than doubled on 2006, while turnover was up 11.8 per cent.

Mark Jones, chair, said: “During the past year we have made a number of acquisitions both to expand our geographic footprint outside the North East and also to increase our food income.

“The investment in our core estate is now complete, and we believe that the group is in a better position than ever before.”

According to Jones, the change of the name will reflect the company’s new focus on food sales.