Losses have widened at Revolution Bars’ parent firm as its major restructuring programme caused a “distraction” to trade.
Shares in the Revel Collective, which changed its name from Revolution Bars Group earlier this month, dropped after it revealed a dip in sales.
The group stressed that it is however “well positioned for future growth” after launching a significant restructuring.
The Revel Collective currently runs 65 sites – consisting of 43 bars and 22 pubs – after shutting 12 unprofitable bars, including 11 Revolution sites and its one Playhouse venue.
It said it will shut a further three Revolution bars before the £12.5 million restructuring completes next month.
Bosses said that most recent trading has been “challenging” amid delays to its restructuring plan and continued uncertainty for staff and customers.
Luke Johnson, the former Pizza Express boss who became chairman of the business last month, said “there remains much work to be done”.
“I have invested £3 million into the business and will take no salary; I will do my best to revive the group in a very tough market,” he added.
It came as the business revealed total sales dropped by around 2% to £149.5 million for the past year to June, as it was impacted by bar closures.
It said the closures were partly offset by the “strong performance” of the Peach Pubs business it acquired in 2022.
Meanwhile, the company recorded a pre-tax loss of £36.7 million for the year, deepening from £22.2 million in the previous year.
Rob Pitcher, chief executive of the group, said: “Peach Pubs continues to trade very strongly post-acquisition and enjoyed its best ever festive trading this year.
“The pubs have seen a strong start to full-year 2025, and we see the pubs and Founders & Co as the key areas for future expansion in the group.
“I am confident with the distraction of the restructuring plan behind us, we will drive growth across all brands.”
