Revel raises £12.5m and shares full-year results
The Revel Collective plc says it has been reshaped and resized for current industry conditions.
Following its restructure and fundraising announcements earlier this year, the bar group formerly trading under the Revolution Bars name has announced its preliminary full-year results.
The Revel Collective plc has since raised £12.5m, stating that the portfolio has been reshaped and resized for current industry conditions.
Total revenue for the year was down £3.1m to £149.5m, which Revel says reflects the closure of 13 bars in FY24 and offset by the annualisation and strong performance of its Peach Pubs business.
Among other factors, the uncertainty surrounding the company's future earlier in the year has resulted in like-for-like sales of -4.3%.
"Despite the distractions to the bars side of the business, particularly Revolution bars, I am very pleased to have seen strong trade elsewhere in the group," says says CEO Rob Pitcher. "Peach Pubs continues to trade very strongly post-acquisition and enjoyed its best ever festive trading this year. The pubs have seen a strong start to FY25, and we see the pubs and Founders & Co. as the key areas for future expansion in the group. I am confident with the distraction the restructuring plan behind us, we will drive growth across all brands."
Breaking down the results
As well as delivering a strong Christmas in 2023, Peach Pubs saw three consecutive record weeks during December, achieving weekly sales of over £1m for the first time. It also ended FY24 with positive like-for-like sales of +1.1%.
The Revolución de Cuba brand saw like-for-like sales of +3.2% in the first half of FY24, with the second half impacted by the group's internal distractions.
Revolution concluded its restructuring plan in August 2024, with Revel omitting its individual performance from the key points in the results, instead saying it looks forward to driving performance of the brand with the resized estate.
Founders & Co. achieved like-for-like sales of +19.6% in FY24.
"A well-diversified offering through the bars and pubs brands positions us well for the future," adds Pitcher. "In reflection of our more balanced portfolio, we were excited to also announce the renaming of the Group to The Revel Collective plc.
"Our colleagues have faced continued unprecedented challenges and uncertainty in the last year. The attitude and efforts by both those who have left the group in the last year, as well as our remaining brilliant teams, is unparalleled. I am very excited to see where the new reshaped, resized business can take us."
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