Return to profit for Revolution Bars Group
Revolution has published its financial results for the 52 weeks ended 2 July 2022.
Revolution Bars Group's financial results for the 52 weeks ended 2 July 2022 saw a profit before tax of £2.1m, following a loss before tax of £26.3m the previous year.
The Rob Pitcher-led group enjoyed a strong return to more normalised, profitable trading after Covid-19 restrictions were lifted on 19 July 2021 in England. There was a slower return in Wales, Northern Ireland and Scotland, where restrictions continued for longer.
Full year like-for-like sales of 1.3% were delivered in Revolution's 56 English bars after 19 July 2021. The 2022 financial results saw total sales of £140.8m across the whole group (2021: £39.4m).
Revolution's financial results were announced on the same day that the business confirmed a £16.5m acquisition of Peach Pub Company, the 21-strong gastropub outfit.
As well as a capex of £8.3m being spent across 19 refurbishments in the Revolution estate, two new concepts also contributed to the 2022 performance. Founders & Co. enjoyed its first full year of trading, with Playhouse opening in Northampton in November 2021.
The group finished its financial year with net cash of £4.1m following an increase in operational cash generation. This is in comparison to the year before, which ended with a net bank debt of £3.6m.
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