Red Engine sees sales surge to £77.1m in FY24
Over the next five years, Red Engine aims to open three to four owner-operated venues each year, and its partners have a goal of opening at least four to five Flight Club venues per year
Red Engine, the group behind bars such as Flight Club and Electric Shuffle, has reported a 15% increase in sales to £77.1m in FY24, up from £66.8m the previous year.
During the year, the group’s sales combined with its franchise partners reached £118.3m. It added that EBITDA is expected to have surpassed the £12m it recorded in 2023.
Red Engine also announced the opening of two new bars within weeks of each other, with Electric Shuffle Chicago set to launch in the city’s River North neighbourhood in May, followed by Electric Shuffle King’s Cross near Coal Drops Yard in London on 6 June. By year-end Red Engine will also open a Flight Club site in Newcastle.
Over the next five years, Red Engine aims to open three to four owner-operated venues each year, and its partners have a goal of opening at least four to five Flight Club venues per year.
Based on these numbers, the hospitality group and its partners will aim to open an additional 45 venues, taking the total global estate to 84 by the end of 2030.
Ross Shepley-Smith, CFO at Red Engine, said: “Despite a year of pressures on the hospitality sector we are really pleased with these results, particularly the last quarter, which delivered new records for every Red Engine owned site.
“This performance is a direct result of our strong partnerships and the dedication of our entire team, who have worked tirelessly to deliver exceptional experiences to our customers. It also highlights the resilience and strength of our brands, which continue to resonate with diverse audiences globally, and for that we are extremely proud.”
Steve Moore, CEO and co-founder of Red Engine, added: “We still have to pinch ourselves daily when we think about the success that our brands have had over the past decade. The upcoming launch of Electric Shuffle Chicago and King’s Cross will take the number of Red Engine-owned venues to 23.
“We cannot wait to open the doors to these bars. Both King’s Cross and North River were obvious choices as the next locations for us—they’re a hotbed of awesome brands and nightlife. We’re thrilled to be joining these neighbourhoods and showing more people around the world a great time.”.
He concluded: “Expanding our footprint is about more than just opening new doors, it’s about considering strategic growth and ensuring that every new market is the right fit for that community and our brands. With each new location, we’re watching the global presence of our brands strengthen. We’re incredibly excited to see what’s next as we continue this journey towards making Flight Club and Electric Shuffle household names across the globe.”
