New Cuban bar for Liverpool’s Albert Dock
REVOLUTION Bars Group is to open its next Cuban rum and cocktail bar under the Revolución de Cuba brand in Liverpool towards the end of June this year.
The Ashton-under-Lyne company is investing £1.8m in the 7,600 sq ft site on the Albert Dock. Once open, the bar will employ around 100 staff.
Mark McQuater, chief executive of Revolution Bars Group, told TheBusinessDesk: “It is right on the dock, right by our existing Revolution bar, and it h as a big outdoor area.”
The opening, along with a new 3,900 sq ft Revolution site opening in Stafford in May in which the company has invested further £1m, takes the total number of bars within the group to 62.
The expansion follows the group’s flotation on AIM a year ago, which valued the business at around £100m and has given ample cash for the ambitious expansion plans.
The group has just posted half year results , which show revenue increased 2.2% to £59.2m, while pre-tax profits hit £4.7m to December 2015.
“We have done more than we said we’d do in the IPO. We have delivered commercially with the new openings, which have gone well. Like-for-like sales are stronger than anything seen in the sector and margins are strengthening,” said McQuater.
Manchester’s Oxford Road was home to the group’s first Revolution bar 20 years ago – it would like to hit a critical mass of 140 venues and plans to open five to six new venues a year.
The group first floated on AIM in 2000 and was listed for seven years before going into private ownership through private equity house Alchemy, with a minority shareholding being retained by the original founders. Mr McQuater came in as chief executive three years ago.
“That has led to operational changes, a refreshing of the Revolution brand and the float on the stock market, which has meant we have very strong cashflows for expansion,” he said.
The group has firmly positioned itself at the premium end of the market – and is cultivating a “female friendly” approach – 62% of its Revolución de Cuba customers are women.
“We are a premium retailer, selling cocktails at £8 or £9 a time not pints at £2 or £3. Customers have responded to that and there has been a polarisation of the market, with us at the premium end,” said Mr McQuater.
