Revolution Bars Group announces latest opening

REVOLUTION Bars Group has announced it is to open its third new bar of the year in Reading, as work continues on the Revolución de Cuba opening in Liverpool.

A site of more than 6,000 sq ft in central Reading will be a Revolución de Cuba bar with an outside trading area and is due to open in the autumn.

Work on the first of two other new openings in 2016 is in progress at Liverpool’s Albert Dock and the group has now received full licensing and planning permissions for the Revolución de Cuba bar, which will open towards the end of June.

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.
 
The second opening planned is for a 3,900 sq ft Revolution site opening in Stafford in May, in which the company has invested further £1m.

These three new locations take the total number of bars within the group to 63.

Meanwhile, the three Revolución de Cuba bars it opened in Leeds, Nottingham and Milton Keynes within the last six months continue to trade well, it said in a stock market statement.  

Mark McQuater, chief executive, said: “I am delighted to report our expansion plans are progressing. We are encouraged with the performance of the three new Revolución de Cuba bars opened in the first half in Milton Keynes, Leeds and Nottingham.

“With two more bars scheduled to open prior to the year end and the first of our 2017 financial year new sites secured in Reading for later in 2016, our new site pipeline is strong and we remain confident of meeting our strategic growth targets.”
 
The expansion follows the group’s entry to AIM a year ago, which valued the business at around £100m and has given ample cash for the ambitious expansion plans.
 
The group recently posted half year results , which show revenue increased 2.2% to £59.2m, while pre-tax profits hit £4.7m to December 2015.
 
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. McQuater came in as chief executive three years ago.