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(Alliance News) - Revolution Bars Group PLC on Tuesday reported a "rapid recovery" across sites in the UK and said it is expecting a further surge in demand over the summer months as the restrictions are lifted.
The operator of 66 bars, trading under the Revolution and Revolucion de Cuba brands, said the 25 bars that have reopened for outdoor service have traded "extremely strongly", with sales running at 48% of pre-pandemic levels in the month to last Sunday.
The company noted that in the bars where it has been able to trade outdoors, the available space represents only 15% of total capacity of those venues, which are also trading for shorter hours than normal.
Restaurants and bars with outdoor space have been allowed to reopen since April 12 in England and indoor service will be allowed by May 17, with social distancing restrictions, under the next milestone of the UK government's roadmap out of lockdown.
The Ashton-under-Lyne, England-based company said it believes that the improved performance has been underpinned by the strength of its brands, loyal customer base and the improvements it has made to the business during the period of forced closure. Net bank debt as at Monday stood at GBP28.5 million, with total available facilities of GBP40.2 million.
Taking the above into account, Revolution Bars said it now expects that its performance for the year ending June 30 will be ahead of previous management expectations.
"As predicted we have seen huge pent up demand and a rapid recovery across the nation in the bars with outside space that we have been able to open to date," said Chief Executive Rob Pitcher.
"We are delighted to welcome our guests back indoors from May 17, and look forward to the full benefits still to come when all restrictions are lifted in mid-June," added Pitcher.
AIM-listed Revolution Bars shares were trading 14% higher in London on Tuesday at 36.333 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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