Friday 6 December 2019

Revolution toasts record festive sales

The group said revenue for the 26 weeks to December 30 rose 10.6% to £73.7 million.

Revolution Bars had a stellar Christmas and New Year (PA)
Revolution Bars had a stellar Christmas and New Year (PA)

By Ravender Sembhy, Press Association City Editor

Christmas and New Year revellers have helped takeover target Revolution Bars post a record set of festive trading figures.

The group, which was last year the subject of a takeover tussle between rivals Deltic and Stonegate, said revenue for the 26 weeks to December 30 rose 10.6% to £73.7 million.

Like-for-like sales in the four weeks from December 4 rose 5.9%, a record performance.

Revolution also gave an update for the 27 weeks to January 6, in which comparable sales rose 1.9%.

In the second quarter, like-for-like sales were up 3.1% and the group said the results were achieved despite a backdrop of “inclement weather” in December and between Christmas and New Year.

Executive chairman Keith Edelman said: “I am delighted with our sales performance in the second quarter and over Christmas.

“This is the fifth year that the group has recorded record results over the key trading period and again demonstrates the appeal of our brands.

“This excellent result underlines that the group is delivering on its strategy of expanding the two brands whilst continuing to drive like-for-like growth in the core estate.”

Revolution, which owns more than 60 Revolution and Revolucion de Cuba high street bars, opened four new venues during the half, in Belfast, Solihull, Inverness and Putney.

The company was the subject of a protracted brawl between Deltic and Slug And Lettuce owner Stonegate last year, which had tabled a £101.5 million bid for the group.

However, Stonegate’s takeover collapsed in October after Revolution shareholders rejected the bid as Deltic lurked in the background, proposing an all-paper merger.

Under the plan from Deltic, Britain’s biggest night club operator, Revolution would own 65% of a combined entity and Deltic the remaining 35%, creating a bar giant with annual sales of more than £270 million.

However, its overtures were continuously rejected as Revolution sought instead to be taken over by Stonegate.

The botched takeover attempt from Stonegate left the door open for Deltic to resurrect its interest, which then snapped up a 3% stake in Revolution.

PA Media

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