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The business, which runs 67 bars comprising the Revolution and Revolucion de Cuba brands, made the announcement in a trading and property-related investment update ahead of its 2 July end of year results.
Revolution Bars Group said: “We are pleased to report continued strong performance across the group, particularly from our refurbished bars and continued guest enjoyment in all of our brands.
“While not being immune to the widely reported inflationary headwinds in the UK, we continue to manage and control costs tightly wherever possible. Following positive trading over the Jubilee bank holiday, the board is confident of delivering adjusted EBITDA (earnings before interest taxation, depreciation and amortisation) after rental charges (on an IAS 17 basis) slightly ahead of the top end of market expectations, which currently stands at £10m.”
Refurbishment programme advancing
It added its refurbishment programme has seen it revamp 16 of its sites in its current financial year, which constitute 14 Revolution bars and two Revolucion de Cuba bars, and expects to complete a further three refurbishments in FY22. It also has a further 18 planned in the next financial year and added its refurbished bars are trading well and the business is confident in achieving its two-year payback target.
Revolution has agreed terms on two new leaseholds in Exeter and in Preston, which are the group's first new sites since 2018. Both bars will trade under the Revolution brand and are expected to open this month (June 2022).
It also announced its two new brands, Playhouse and Founders & Co, have proved to be exciting additions therefore adding additional optionality within the estate with a further six bars planned to open in FY23.
Delighting our guests
Revolution Bars Group chief executive Rob Pitcher said: “Revolution Bars Group is in great shape and it’s great to be back doing what we do brilliantly. The business is well funded and the investment we have made in our refurbishment programme is delivering positive results and delighting our guests. This, together with encouraging trading, underpins our confidence in our expansion plans with two new bars due to open later this month and an excellent pipeline of new sites in place.
“Our success in delivering our vision and strategy is testament to the whole team’s hard work and their ability to create fun and memorable experiences for our guests.”
The group intends to publish its annual results for the financial year ended 2 July 2022 on 18 October 2022.