Inventive Leisure, the Revolution bar operator, says it now plans to return to the acquisition trail after successfully refinancing its bank facilities.
It follows news in November that Inventive is to extend the amount it will spend on its estate from £7m to £10m until May 2014. Returns at invested sites are currently around 20%.
Mark McQuater, chief executive of Inventive Leisure, said: “We are delighted to have successfully re-financed our bank facilities following continued growth across the Revolucion De Cuba and Revolution brands. We enter 2014 in a very strong trading position and look forward to continued innovation and growth.”
Speaking to M&C Report in September, McQuater said the company would look to acquire existing premium bar businesses as part of its expansion programme.
He said Inventive, which is backed by Alchemy Partners, would look at acquisitions in early 2014 after the company finished its revamp programme across much of its estate.
McQuater said it’s “perfectly possible” for Inventive to grow from 70 to 100 sites.
He told M&C Report: “We would like to do four new bars a year.” He said sites in “prominent, affluent county towns” would be targeted, although McQuater stressed that Inventive works well in cities too.
