Luke Johnson named non-executive chairman of Revolution Bars Group

Luke Johnson has been appointed non-executive chairman of Revolution Bars Group following the retirement of Keith Edelman, who has held the role for the past nine years.

 

Johnson is a serial hospitality investor who was previously chairman of Pizza Express during its period of rapid  expansion in the 1990s and founder of the Strada Italian chain.

 

He acquired a stake in family-friendly restaurant group Giraffe in 2004 before it was sold to Tesco for £50m in 2013 and more recently has backed Gail’s bakery and caterer Genuine Dining Co.

 

He is also chair of private equity firm Risk Capital Partners.

 

Johnson joins Revolution Bars, which operates 65 bars and gastro pubs under the Revolution, Revolucion de Cuba and Peach Pub brands, at a challenging time for the brand.

 

Earlier this year, it was reported he contributed £3m to an emergency fundraiser that would enable the restructuring of the business.

 

He currently holds 20% or 300,000,000 ordinary shares of 0.1 pence each in the company.

 

The group said it would exit the leases of 18 loss-making sites, six of which have already closed, and impose a rent reduction on 14 sites to return them to profitability.

 

It also planned to introduce a refurbishment programme from 2026 and hold off on further expansion until 2027.

 

The bar group’s interim results for the 26 weeks ended 30 December 2023 revealed profit before tax grew to £3.1m from a loss of £0.1m over the same period last year, while total sales jumped from £76m to £82.3m.

 

Revolution had initially delayed the release of its results, which led to a temporary suspension in the trading of its shares on AIM, which has now been restored.

 

The hospitality group had also closed eight bars across England in January after blaming the cost of living crisis for hitting the spending power of its younger customers.

 

Rob Pitcher, chief executive of Revolution Group, said: “Keith’s strong leadership has been instrumental in steering the group since 2015. Through IPO, the pandemic, unsolicited offers and the most recent fundraise and Restructuring Plan. As he steps down, we express our gratitude for his support and vision, which have left an enduring footprint on the company. We wish him all the best in his future endeavours.

 

“We are excited to be working with Luke who is vastly experienced in the hospitality sector and brings a wealth of knowledge to enable the next phase of the group’s development.”

 

Keith Edelman, outgoing chairman, added: “After over 9 years as chairman of the group, the time has come for me to step down. I leave knowing the Company is now in a stronger position and fit for purpose in today’s marketplace. I extend my heartfelt thanks to the board, the management team, and all our dedicated colleagues for their support and commitment over the years.

 

“I am pleased that Luke has agreed to now become chairman and I firmly believe his outstanding experience within the hospitality sector will be instrumental in guiding the group in the future and I look forward to watching Revolution Bars Group thrive in the years ahead.”