Peach props up Revolution results

The Peach Pubs portfolio has performed strongly for Revolution Bars Group, as the predominantly late-night operator posts its pre-close trading update.

For the year ended 2 July 2023, Peach Pubs, which Revolution acquired last year for £16.5m, have continued to trade strongly, with full year like-for-like sales 14% ahead of pre-Covid.

Overall group like-for-likes were down 8.7% vs pre-Covid, as trading in Revolution's late-night bars proved difficult with younger guests who are struggling financially in the current economic climate.

However, the operator of 68 bars and 21 pubs is buoyed by its bookings ahead of Christmas, which are up 24.7%.

With a positive contribution from Peach Pubs, the group is expected to deliver an EBITDA of £6.6m.

“Our acquisition of Peach Pubs was well timed given the impact of the economic challenges to the younger guests in our Revolution bars alongside the working from home trend being exacerbated by continued uncertainty on the rail network," says Rob Pitcher, CEO of Revolution Bars Group. "The pubs estate is in great shape and I have enjoyed getting to know the teams at the pubs, as well as seeing our guests enjoy themselves in our beautiful gardens. There is a huge opportunity to strengthen and grow this brand and I look forward to us embracing that.

"FY23 has been very challenging, however we have controlled costs and limited capex in the second half to reduce net debt. I’d like to take this opportunity to thank our teams, in all roles, for their enthusiasm, commitment and resilience, as everything we achieve is down to their hard work."

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