Revolution Bars Group is predicting a “rapid rebound” in trade and “significant” pent-up demand once the sector reopens, as it welcomes the “clarity” provided by the government’s recent roadmap announcement.
The operator of 66 premium bars, trading under the Revolution and Revolucion de Cuba brands, intends to initially open 20 bars on 12 April, though the outlined date for reopening was “later than we had hoped”.
With the opening of indoor hospitality on 17 May 2021, however, all 66 of its bars will reopen. The group noted it now has “more than sufficient” liquidity resources available to take it “well through” its full reopening on this date.
It added that previous experience has demonstrated that when the group is able to trade without restriction, targeted for 21 June 2021, it is “highly cash generative and profitable”.
Alongside the roadmap announcement, the group has also welcomed the additional sector support announced by the chancellor in yesterday’s Spring Budget, in particular the restart grants, continued reduction in business rates and low VAT on food and non-alcoholic drinks.
It said the support will “give further certainty to all our stakeholders and allow the company, together with the wider hospitality industry, to regain a financial position from which it can again develop and thrive”.
Rob Pitcher, CEO of Revolution Bars Group said: “With the encouraging progress of the vaccination programme, clarity in the timetable to reopening, and the additional financial support measures announced by the Chancellor, the light at the end of the tunnel is getting brighter.
“Notwithstanding that good news, our industry remains on the critical list and the continued support announced by the Government is required to ensure that we can be in a position to return to growth and be a driver of national job creation once again particularly for young people who are the lifeblood of our industry and who have been severely impacted over the last year.”
He added: “We are excited at the prospect of welcoming back our colleagues and guests and providing fun and memorable experiences for them as lockdown restrictions ease.”