LONDON - The Revel Collective plc, known for its premium bars and gastro pubs across the UK, has reported its preliminary results for the fiscal year ending on June 29, 2024. Despite a challenging market and the execution of a major restructuring plan, the company, which operates under the Revolution, Revolución de Cuba, and Peach Pubs brands, has maintained a relatively stable financial performance.
The Group underwent a significant transformation following the completion of its Restructuring Plan and a Fundraise, which together brought in £12.5 million in September 2024. This reshaping of the company's portfolio was designed to adapt to current industry conditions. The introduction of new leadership, including Non-Executive Chairman Luke Johnson, is expected to further facilitate the Group's growth.
For the 52-week period, total sales reached £149.5 million, a slight decrease from the previous year's £152.6 million. This decline was attributed to the closure of 13 bars, which was somewhat offset by the strong performance of Peach Pubs. The latter brand, in its first full year with the Group, reported its highest-ever Christmas trading period. The Group also opened The Three Horseshoes, marking the 22nd establishment for Peach Pubs.
The company's Revolución de Cuba brand outperformed other bar brands within the Group, with positive like-for-like sales in the first half of the fiscal year. The second half, however, saw a dip due to internal distractions. Nevertheless, corporate bookings for the upcoming festive season appear robust.
The Revolution brand concluded its restructuring in August 2024, and the Group is now focused on enhancing the performance of the resized estate. Another highlight was Founders & Co., which experienced a 19.6% increase in like-for-like sales.
Despite these positive developments, the company faced headwinds from the ongoing restructuring into FY25 and a particularly wet summer. However, the recent return of students and early bookings for the festive period have led to an uptick in performance. Net bank debt stands at £12.1 million after the Fundraise and a £4.0 million write-off of gross borrowings.
Rob Pitcher, Chief Executive Officer of The Revel Collective, expressed satisfaction with the strong trade outside the bar segment and optimism for future growth across all brands. He also highlighted the need for government support in the form of business rate reforms and reduced VAT for the hospitality industry to aid growth.
This financial update is based on a press release statement from The Revel Collective plc.
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