Revolution Bars Group, which began trading from 20 bars from yesterday (April 12) with the remainder open from 17 May, and has two new concepts ready to trial once trading conditions allow. The company stated: “We have taken advantage of the reduced trade periods to fine tune our brands and strengthen the engagement of our teams. We are ready to take advantage of the reduced competition and bring to life our freshly developed new concepts to the market. Our young guest base is keen to start living again, and we cannot wait to welcome back our guests and teams to create the fun and memorable experience that they know and love us for.”
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.
However, 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 also stated that 11,969 guests booked with us in the first week we reopened the booking system for 17 May 2021 onwards, and said that it’s target customers, due to a focus on young adult age groups, are at lower risk from COVID health issues, and the vaccine roll-out success is giving real confidence in the Government’s roadmap achievability;
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.