Revolution Bars: Clubbers scaling back makes for a ‘challenging’ year ahead
Revolution Bars Group said that it expects trading for the rest of the year to be “challenging”, as young clubbers are scaling back nights out due to the cost of living crisis.
In its full year results the group said like-for-like sales were down 8.7 per cent against pre-covid levels, as it warned that trading in its late-night bars was “difficult” due to younger guests “struggling financially”.
Despite this, revenues for bookings for Christmas parties was up 24.7 per cent compared to the same time last year.
Revolution, which owns 68 premium bars and 21 pubs, also noted a reduction in wholesale electricity prices, easing cost pressures.
During the year, the group was also bolstered by a £16.5m acquisition of Peach Pubs, where like-for-like sales have grown 14 per cent ahead of pre-Covid levels.
As a result, the business said it expects adjusted EBITDA to be trading in line with expectations.
“We expect the trading conditions we operate in to remain challenging for FY24 and look forward to the all-important peak trading period at Christmas, which we hope will be the first uninterrupted peak period since 2019,” Rob Pitcher, chief executive of Revolution Bars Group, said.