Inventive Leisure, the Revolution Vodka Bar operator, saw pre-tax losses increase in the year to 30 June 2011 after incurring a £0.88m impairment charge and higher interest payments.
Parent company Caspian Topco has reported a pre-tax loss of £1.935m (2010: £1.63m), although operating profit increased 6.5% to £4.971m. Turnover for the c.65-strong group was up 12.2% to £94.899m.
An asset impairment charge of £0.88m was incurred in the year, while interest charges increased from £6.725m to £7.45m.
Caspian Topco’s accounts, filed at Companies House, also reveal a £20,000 pay cut for the highest paid director, who received £273,000. Staff costs in the year increased 13.5% to £24.142m, with average employee numbers up from 2,056 to 2,216.
Cash available for the firm at the year end increased 36.1% to £12.56m (cash at hand - £0.38m; cash at the bank - £12.18m).
As in 2010, no dividend was proposed.
The company said its performance for the year was “in line with expectations”.
Inventive opened two bars in the year, in Norwich and American Square in London. The year also saw the launch of its dedicated rum bar concept Revolucion de Cuba, which currently operates in areas including Cambridge, Cardiff, Richmond, York and Beaconsfield.
Inventive’s latest opening was in Ipswich on 16 September. Company founder Roy Ellis told M&C Report last month that the firm plans five more openings this year.
