Revolution Bars remains 'stable' with new site openings and 7% sales increase
Revolution Bars Group plc has revealed its results for the year to June 29, 2019.
The UK operator of 77 bars - trading under the Revolution and Revolución de Cuba brands - made considerable progress to date, with its business remaining stabilised.
For instance, five new bars opened during that period; two Revolution bars have been trading strongly reaffirming the brand’s popularity.
Sales have gone up 6.7 per cent to £151.4m - compared to 2018’s figure of £141.9m. However, the group’s adjusted profit before tax stands at £3m, with its figure in 2018 being £8m.
Revolution’s strategy is now said to focus around building on its improvements gained, such as investing in existing sites and reducing borrowings from the bank.
During Q1 2019, six bars were refurbished including its flagship Revolución de Cuba in Manchester. A further nine refurbishments are planned for FY20.
Rob Pitcher, Revolution Bars Group’s chief executive officer, concluded: “A return to positive like-for-like sales in Q1 of the current year reflects the hard work by the team in stabilising the business.
“We will invest in our team, our brand experience and our estate to continue to improve performance. Our progress demonstrates that our business is delighting our guests, and is both profitable and cash generative.
“We will utilise surplus cash to reduce debt to such an extent whereby any return to expansion of the estate will be self-funding.”
Access free online guidance for North East businesses in the Growth Hub North East's COVID-19 toolkit →