A major bar chain, Revolution Bars Group, has announced the closure of eight sites across England as it grapples with the effects of the cost of living crisis.
Strain on Younger Customers
The decision to close the sites comes as Revolution Bars Group warns that its younger customers are still feeling a disproportionate strain from rapid increases in the cost of living.
Locations Affected
The eight sites set to close are Revolution Bar sites in Derby, Reading, St Peters Liverpool, and Wilmslow. The chain is working to redeploy staff from these locations. Additionally, two Revolucion de Cuba sites in Sheffield and Southampton, as well as the Playhouse in Newcastle-Under-Lyme, will also close.
Best Christmas Trading Period Since 2019
Despite reporting its best Christmas trading period since 2019, with a 9.0% increase in like-for-like sales in December, Revolution Bars Group experienced a 2.8% drop in like-for-like revenue over the six months to the end of December.
Impact on Future
Revolution Bars Group's chief executive, Rob Pitcher, acknowledges the difficult decision to close unprofitable bars. However, he remains optimistic about the group's future, citing record levels of guest satisfaction and a strong customer base when affordability allows.
Trading Update and Background
A trading update for the first six months of the financial year will be provided on January 24. Revolution Bars Group, previously known as Vodka Revs, opened its first bar in Manchester in 1996 and currently operates 22 pubs and 58 bars nationwide. The chain had to close six bars in 2020 due to coronavirus restrictions and recently had to reduce opening hours due to soaring energy bills.
Wetherspoons Pub Closure
In related news, pub chain Wetherspoons is closing one of its branches in Halifax this month. The Percy Shaw will cease operations on January 7 and reopen under new ownership eight days later.
Disclaimer: This article is for informational purposes only. The information provided in this article is not endorsed or affiliated with any specific company or brand mentioned.
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