Revolution Bars Group reveals plans for two new concepts
Revolution Bars Group has revealed it is developing two new concepts to "appeal to a wider customer base", which will be ready for trial once trading conditions allow.
The group, which operates 66 bars under the Revolution and Revolución de Cuba brands, reported a £17.7m pre-tax loss and revenue of £21.6m in its financial results for the 26 weeks ended 26 December 2020. It said it had sufficient liquidity to trade through the government roadmap, including downside scenarios, and was well-positioned to capitalise on the transformed marketplace.
However, material uncertainty remained, which may cast "significant doubt" over the ability of the company to continue as a going concern. Although the government's reopening roadmap suggested a reopening indoors from 17 May and no restrictions from June, the group said uncertainty continues to exist until a firm reopening date is delivered.
The group opened 20 bars of its bars yesterday and plans to reopen its remaining sites in England for indoor trading from 17 May. After 11,969 guests booked in the first week it reopened the booking system for indoor dining.
Chief executive Rob Pitcher said: "Prior to the pandemic the business was outperforming our peer group. This year has provided us with the opportunity to advance the business across multiple areas, which will allow us to maximise our future performance and capitalise on growth opportunities as we move towards more normalised conditions.
"With the vaccination programme running ahead of the government's expectation and all the Covid-19 related health data exceeding even the most optimistic of forecasts, I look forward to all restrictions on personal freedoms falling away on 21 June and urge the prime minister to follow the data, not dates, and bring our ‘national day of freedom' forward in line with the vastly better outcomes that have been achieved.
"We are excited and ready to bounce back and as we move on from the pandemic, I look forward to our brilliant teams being able to create amazing memories for our guests as we open our bars and all come back together to celebrate life and each other."
The company voluntary arrangement (CVA) for subsidiary Revolution Bars last year resulted in the group exiting five loss-making sites, with a further site exited via the CVA in February. These were in addition to the surrender of two loss-making sites, the Revolution Liverpool Cavern Quarter and Revolución de Cuba Huddersfield.
Revolution Bars Group also said it had used lockdown to drive its diversity and inclusion and mental health programmes, with 26 mental health first-aiders now trained throughout the business and team member recruitment now a ‘blind application' process.
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