Revolutions Bar Group has swung to a pre-tax loss of £17.7m for the 26-week period ended 26 December 2020.
Revenue dropped to £21.6m for the period from £81.2m the previous year following the increased levels of restriction particularly in November and December 2020.
In July 2020, the group’s liquidity was secured through an increase in “committed debt facilities” from £21m to £37.5m which included a Coronavirus large business term loan of £16.5m and net equity fundraising of £14.1m.
Despite the disruptions in trade, the group revealed it is “ready to bounce back”, having already opened 20 of its 67 bars yesterday (12 April 2021) with the remainder set to reopen from 17 May 2021.
Last year, the group confirmed the launch of a CVA proposal in order to reduce the size of its estate and close some of its 76 venues across the UK after the 10pm curfew law saw sales in October drop to 49.4% compared to 72.5% in August 2020.
However since that time the company said it will now be investing in its brands and guest experience through two new concepts to “appeal to a wider customer base”.
As part of the new concept, the bar group will begin focusing on bringing people back to its sites in an “ethical and sustainable way” as well as creating “ new reasons” to visit the bars through its increased customer offering.
Rob Pitcher, CEO, said: “This year has provided us with the opportunity to advance the business across multiple areas which will allow us to maximise our future performance and capitalise on growth opportunities as we move towards more normalised conditions.
“With the vaccination programme running ahead of the government’s expectation and all the COVID-19 related health data exceeding even the most optimistic of forecasts. I look forward to our brilliant teams being able to create amazing memories for our guests as we open our bars and all come back together to celebrate life and each other.”