All Revolution Bars Group articles – Page 4
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NewsRevolution to launch fourth brand
The news came with the announcement for annual pre-tax loss of £26.3m compared with a loss last time of £31.7m in the 53 weeks to 3 July.
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NewsRevolution reports same site sales growth of 17%
The Q1 trading performance was “well ahead” of the expectations, with controlled costs resulting in “good profit generation” from these sales.
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NewsRevolution anticipates ‘rapid recovery’
Revolution Bars Group reports that trading since 17 May is now up to 86% against the same period in 2019 when there were no Covid restrictions.
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Analysis & InsightRestrictions are ‘increasingly difficult to police’
Pubs cannot be expected to force customers to obey lockdown rules after Boris Johnson delayed the final step of reopening, bosses have said.
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NewsRevolution Bars raises £21m
Revolution Bars Group has raised £21m after announcing plans to tap up shareholders for new funds.
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NewsRevolution trading ‘extremely strongly’
Revolution Bars Group achieved 48% of sales in the four weeks to 9 May 2021 compared to the equivalent period in 2019 – despite only having around 15% of capacity available due to outside trading restrictions.
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NewsRevolution planning to double brand portfolio
Revolution Bars Group is looking to expand its portfolio of brands from two to four, in order to capitalise on property opportunities post-pandemic, chief executive Rob Pitcher has told MCA.
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NewsRevolution secures new CBILS
Revolution Bars Group has secured a further £3.5m CLBILS, while its bank NatWest agreed to waive £2m of amortisation scheduled for September 2021, taking its total available facilities to £40.3m.
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NewsRevolution anticipates ‘rapid rebound’
Revolution Bars Group plans to reopen 20 of its bars on 12 April, when hospitality is able to trade outside, and the entire 66-strong estate on 17 May.
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InterviewsPeter Marks: ‘We don’t want to reopen with masks, mist and panels’
Rekom UK CEO Peter Marks has said he would rather “wait a little bit longer” for reopening, than dilute the nature of the business’ offer.
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InterviewsRob Pitcher: ‘Landlord’s behaviour in crisis will determine future partnerships’
Hard-lined landlords refusing to “play ball” in rent negotiations will be remembered by the industry going forward, MCA’s The Conversation has heard.
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NewsRevolution secures further liquidity as restrictions hit sales
Revolution Bars has reported sales significantly down in the first 24 weeks of FY21 as a result of “severe and constantly evolving trading restrictions.”
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NewsRevolution launches CVA
Revolution Bars Group has launched a company voluntary arrangement (CVA) to reduce the size of its estate and rental cost base.
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NewsRevolution considers CVA
Revolution Bars Group has confirmed it is working with advisors to secure its long-term viability. The company is currently evaluating the potential impact of the latest restrictions on the business, and is exploring various options including a reduction of its estate through a company voluntary arrangement (CVA). No decisions have yet been made, but the board is considering all necessary options to ensure its viability in light of the latest government measures.
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NewsRevolution CEO Rob Pitcher: ‘Government must take responsibility for its actions’
Although the government was justified in its initial decision to enforce closure on hospitality through lockdown, it must now take responsibility for the consequences of its actions, Revolution Bars CEO Rob Pitcher has said.
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NewsRevolution trading ahead of expectations
Revolution has reopened 39 bars which are trading “ahead of the Board’s expectations, in part as a result of the Eat Out To Help Out scheme” it has said in a trading update. It said like for likes for the 8 weeks to 29 August 2020 were 72.5% of last year, but the launch of EOHO had seen like for likes across Monday to Wednesday hit 188.4% compared to last year. Revolution plans to continue to run EOHO at least through September. It also plans to open 13 more bars on 7 September but 11 bars are unlikely to reopen until social distancing restrictions are further relaxed.
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NewsTapas back on the menu at Spanish Revolution
Spanish Restaurant Group, which operates Tapas Revolution, has now opened half of its 12-strong estate. It will continue to open sites and plans to be fully operational in October. Since the lockdown the group has restructured its management system and introduced a profit-related pay scheme. “We’re in a great position to get our fleet of Spanish restaurants back in operation and have a team who are committed and eager to start welcoming guests through our doors again, with our initial performance ahead of expectation,” said MD James Picton.
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NewsRevolution announces next wave of reopenings
Revolution Bars Group has announced its next phase of reopenings, with eight sites set to open their doors next week.
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InterviewsRevolution Bars CEO Rob Pitcher: ‘We’ll tackle no-shows with retrospective fee’
Revolution Bars Group will be implementing a fee for consumers who pre-booking and failing to turn up, CEO Rob Pitcher has revealed.
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NewsRevolution to reopen with test and trace booking platform
Revolution Bars will reopen six sites on 6 July with a new booking platform to support the Government’s test and trace initiative.