Jubilee boosts Revolution Bars earnings past expectations
Following positive trading over the Jubilee bank holiday, Revolution Bars Group has said it is confident of delivering adjusted earnings "slightly ahead" of an expected £10m.
In a trading update, the operator of 67 bars trading mainly under the Revolution and Revolucion de Cuba brands, reported "continued strong performance across the group", particularly from refurbished bars, although added that it was "not immune" to inflationary headwinds.
The group said it had completed 16 refurbishments in the 2022 financial year, 14 Revolution bars and two Revolucion de Cuba bars, and expects to complete a further three this year, with a further 18 planned in the next financial year.
It also said it had agreed terms on two new leasehold bars in Exeter and in Preston, its first new sites since 2018, both of which will trade under the Revolution brand and are expected to open this month.
The business expects to open a further six bars in the 2023 financial year.
Rob Pitcher, chief executive of Revolution Bars Group, said: "Revolution Bars Group is in great shape and it's great to be back doing what we do brilliantly. The business is well funded and the investment we have made in our refurbishment programme is delivering positive results and delighting our guests. This, together with encouraging trading, underpins our confidence in our expansion plans with two new bars due to open later this month and an excellent pipeline of new sites in place.
"Our success in delivering our vision and strategy is testament to the whole team's hard work and their ability to create fun and memorable experiences for our guests."
