Revolution Bars Group has said that following strong trading over the Jubilee Bank Holiday its board is confident of delivering adjusted EBITDA “slightly ahead of the top end of market expectations”, which currently stands at £10m.
In a trading and property investment update, the bar group said it had continued to achieve a strong performance across its Revolution and Revolucion de Cuba brands – particularly from its refurbished sites.
While not immune to the inflationary headwinds impacting the UK, the board said it continued to manage and control costs tightly where possible.
The group also confirmed the agreement of terms on two new leasehold bars, as reported last week, in Exeter and Preston, which will be its first new sites since 2018. Both will operate under the Revolution brand are expected to open this month.
The group said it had “an exciting pipeline of future new sites” and expects to open a further six bars in FY23.
It has also been continuing with its refurbishment programme, completing 16 in FY22, with three further upgrades expected in the current financial year, and 18 planned for FY23.
Rob Pitcher, CEO of Revolution Bars Group, said: “Revolution Bars Group is in great shape and it’s great to be back doing what we do brilliantly.
“The business is well funded and the investment we have made in our refurbishment programme is delivering positive results and delighting our guests.
“This, together with encouraging trading, underpins our confidence in our expansion plans with two new bars due to open later this month and an excellent pipeline of new sites in place.”
