All Revolution Bars Group articles
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NewsRevolution planning to double brand portfolio
Revolution Bars Group is looking to expand its portfolio of brands from two to four, in order to capitalise on property opportunities post-pandemic, chief executive Rob Pitcher has told MCA.
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Revolution secures new CBILS
Revolution Bars Group has secured a further £3.5m CLBILS, while its bank NatWest agreed to waive £2m of amortisation scheduled for September 2021, taking its total available facilities to £40.3m.
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Revolution anticipates ‘rapid rebound’
Revolution Bars Group plans to reopen 20 of its bars on 12 April, when hospitality is able to trade outside, and the entire 66-strong estate on 17 May.
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Interviews
Peter Marks: ‘We don’t want to reopen with masks, mist and panels’
Rekom UK CEO Peter Marks has said he would rather “wait a little bit longer” for reopening, than dilute the nature of the business’ offer.
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Interviews
Rob Pitcher: ‘Landlord’s behaviour in crisis will determine future partnerships’
Hard-lined landlords refusing to “play ball” in rent negotiations will be remembered by the industry going forward, MCA’s The Conversation has heard.
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News
Revolution secures further liquidity as restrictions hit sales
Revolution Bars has reported sales significantly down in the first 24 weeks of FY21 as a result of “severe and constantly evolving trading restrictions.”
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Revolution launches CVA
Revolution Bars Group has launched a company voluntary arrangement (CVA) to reduce the size of its estate and rental cost base.
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Revolution considers CVA
Revolution Bars Group has confirmed it is working with advisors to secure its long-term viability. The company is currently evaluating the potential impact of the latest restrictions on the business, and is exploring various options including a reduction of its estate through a company voluntary arrangement (CVA). No decisions have yet been made, but the board is considering all necessary options to ensure its viability in light of the latest government measures.
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News
Revolution CEO Rob Pitcher: ‘Government must take responsibility for its actions’
Although the government was justified in its initial decision to enforce closure on hospitality through lockdown, it must now take responsibility for the consequences of its actions, Revolution Bars CEO Rob Pitcher has said.
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Revolution trading ahead of expectations
Revolution has reopened 39 bars which are trading “ahead of the Board’s expectations, in part as a result of the Eat Out To Help Out scheme” it has said in a trading update. It said like for likes for the 8 weeks to 29 August 2020 were 72.5% of last year, but the launch of EOHO had seen like for likes across Monday to Wednesday hit 188.4% compared to last year. Revolution plans to continue to run EOHO at least through September. It also plans to open 13 more bars on 7 September but 11 bars are unlikely to reopen until social distancing restrictions are further relaxed.
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News
Tapas back on the menu at Spanish Revolution
Spanish Restaurant Group, which operates Tapas Revolution, has now opened half of its 12-strong estate. It will continue to open sites and plans to be fully operational in October. Since the lockdown the group has restructured its management system and introduced a profit-related pay scheme. “We’re in a great position to get our fleet of Spanish restaurants back in operation and have a team who are committed and eager to start welcoming guests through our doors again, with our initial performance ahead of expectation,” said MD James Picton.
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News
Revolution announces next wave of reopenings
Revolution Bars Group has announced its next phase of reopenings, with eight sites set to open their doors next week.
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Interviews
Revolution Bars CEO Rob Pitcher: ‘We’ll tackle no-shows with retrospective fee’
Revolution Bars Group will be implementing a fee for consumers who pre-booking and failing to turn up, CEO Rob Pitcher has revealed.
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News
Revolution to reopen with test and trace booking platform
Revolution Bars will reopen six sites on 6 July with a new booking platform to support the Government’s test and trace initiative.
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Revolution to pursue ‘cautious recommencement of trading’
Revolution Bars has said it plans to reopen six of its sites on 4 July to initiate its “cautious recommencement of trading.”
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Revolution raises £15m in share placing
Revolution Bars Group has raised £15m its share placing launched earlier today.
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Revolution launches £15m fundraise
Revolution Bars Group is seeking to raise £15m in a share placing, while transfer trading from the London Stock Exchange to the smaller AIM.
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Revolution secures funding for the future
Revolution has extended its debt facilities, which it says will provide it with “sufficient liquidity for the foreseeable future”. Revolution, which operates 74 bars under the Revolution and Revolución de Cuba brands, said NatWest had increased its Revolving Credit Facility from £21.0m to £30.0m until 31 August 2020, at which point it will step down to £24.0m. NatWest has also waived all financial covenant tests at March 2020 and June 2020.
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Revolution ups credit facility to £30m
Revolution Bars Group has increased its revolving credit facility with Natwest to £30m.
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Revolution to cut payroll, hours and staff
Revolution Bars will have to reduce payroll costs, unprofitable trading sessions and ‘variable costs’ such as entertainment and door staff in order to mitigate the impact of COVID-19.
