Inventive reports increased losses

By John Harrington

- Last updated on GMT

Related tags: Russia, Profit, Generally accepted accounting principles

At the bar: Revolution outlet in America Square
At the bar: Revolution outlet in America Square
Inventive Leisure, the Revolution Vodka Bar operator, saw pre-tax losses increase in the year to 30 June 2011 after incurring an £880,000 impairment charge and higher interest payments.

Parent company Caspian Topco has reported a pre-tax loss of £1.93m (2010: £1.63m), although operating profit increased by 6.5% to £4.97m.

Turnover for the 65-strong group was up 12.2% to £94.9m. The asset impairment charge was incurred in the year, while interest charges shot up from £6.72m 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 £24.14m, with average employee numbers up from 2,056 to 2,216.

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 at America Square, in the City of London.

The year also saw the launch of its dedicated rum-bar concept, Revolución de Cuba, which currently operates in areas including Cambridge, Cardiff, Richmond, York and Beaconsfield, in Buckinghamshire. Inventive’s latest opening was in Ipswich on 16 September.

Company founder Roy Ellis said the firm plans five more openings this year.

Related topics: Legislation

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