The business, which operates 69 bars, trading mainly under the Revolution and Revolución de Cuba brands, has announced it is in the final stages of negotiating an acquisition, which is expected to be a “substantial transaction” pursuant to AIM Rule 12.
As a consequence of the proposed transaction, the group’s preliminary results for the 12 months ended 2 July 2022 will be “slightly delayed to allow appropriate audit finalisation procedures to take place once negotiations have been completed”.
The group’s preliminary results are expected to be consistent with previous guidance, in particular that provided in the group's announcement of 2 August 2022.
In the trading update from August, Revolution announced its like-for-like sales had risen 1.3% in its financial year (FY) ended 2 July 2022.
It said at the time: “We have not been immune to the widely reported inflationary pressures. However, we continue to mitigate these wherever possible with a relentless focus on cost management.
“Our industry-leading sustainability agenda has allowed us to reduce our carbon footprint and mitigate, in part, the widely reported energy cost price increases. Our energy prices remain largely fixed until spring 2023.”
18 refurbs for next year
The group continued: “Our focus on training and retention has reduced the burden of colleague turnover, ensuring we keep our best people in the business and allowing us to spend less on recruitment.”
Revolution Bar Group also said it had refurbished 19 sites during the FY year and expected to do the same to 18 more sites within its next FY.
It also said it had opened two new Revolution branded sites, in Exeter and Preston, and its two new concepts, Founders & Co and Playhouse, had been well received.
A total of six new sites openings are planned within the current FY.