Revolution Bars Group reports ‘disappointing year' and losses of £3.6m
Revolution Bars Group has reported a "disappointing year" with a £3.6m operating loss for the year ended 30 June 2018.
Profit performance was further hampered by weather extremes and the FIFA World Cup tournament, which the company could not capitalise on because none of its bars were equipped with TVs to show the games.
It was also hit by "management changes" that included the resignation of its chief executive.
Mark McQuater quit the role last October following Stonegate's decision to drop its £101.5m takeover offer after it emerged that 54% of Revolution's shareholders voted against the deal. He was succeeded by Rob Pitcher just six days before year end.
Like-for-like sales at the 76-strong group fell 0.6% after a first half growth of 1.9%, although total sales increased to £141.9m, up 8.7% year on year.
Pitcher said: "This is a fundamentally good business which has seen significant disruption over the past year and factors outside of its control. The group's strategy is sound and with a stable management team and better execution the company can rapidly return to growth.
"The performance of our new sites is encouraging, in line with our expectations and set to deliver good returns underpinning our strategic view of the business. Our confidence in the potential of the group is undiminished."
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Stonegate walks away after Revolution Bars Group shareholders reject £101.5m offer >>
