Revolution Bars continues search for new finance director

Revolution Bars Group, the Manchester-based operator of the Revolution and Revolución de Cuba brands, has appointed an interim financial officer whilst the search for a permanent replacement finance director continues.

It has appointed Mike Foster, an FCA with hands-on financial reporting and commercial management experience, to the temporary role.

Foster has held senior positions in large multi-site retail and leisure businesses, including the last 20 years in major pub and bar companies.

Most recently, he was CFO of the operator of Australia bar brand Walkabout from 2009 until December 2016 when it was sold to Stonegate Pub Company.

Outgoing CFO Chris Chambers will step down from the board tomorrow.

In February the company announced that half year profits had held steady as it continued to invest in the growth of its portfolio.

Turnover hit £66.7m for the six months to the end of December 2016, an increase of 12.7% on the previous year, whilst operating profits remained at £4.7m.

The company’s total estate has grown to 66 units, with two more bars scheduled for opening in the second half of the year.

It has long term plans to boost the number of Revolution bars across the country, currently numbering 53, to 100 at a rate of six year. There are similar plans to build the Revolución de Cuba brand from its current 13 outlets to more than 50 over the same period.