Revolution Bars Group seek floatation on London Stock Exchange

The North West bar chain, Revolution Bar Group (trading as Revolution and Revolución de Cuba) has unveiled plans to float on the London Stock Exchange as it plans for expansion.

With 58 bars across the UK, Revolution believes it has the potential to open a further 80. Revolution already has four bars in Liverpool, and a further four in Manchester.

The company HQ is in Ashton-Under-Lyne and its reported revenues were £108.7 million in the year to 30 June 2014, up £4.2 million when compared with the previous year. Adjusted EBITDA also increased from £10.9 million in 2013 to £13.2 million in 2014.

Revolution’s chief executive Mark McQuater said:

“Revolution Bars Group is one of the leading players in the UK’s premium drinking out and casual dining out markets, with a well-invested trading estate of 58 bars that is generating market-leading returns in this sector,

“Both Revolution and Revolución de Cuba are premium brands which target a growing market where we believe a premium offering is in demand. We believe that a successful listing will complement the group’s growth strategy and help support our roll-out plans for the group’s branded bars in the UK.”

The chain currently operated from 53 Revolution bars, with five Revolución de Cuba bars completing its portfolio. However, there are hopes to grow this estate to 100 Revolution bars and 40 Revolución de Cuba bars respectively. The aim is to roll out up to five new bars per year by the end of the 2017 financial year, with an initial focus on increasing the number of Revolución de Cuba bars.

As part of its plans to float, Revolution Bars has brought in Keith Edelman as non-executive chairman, a former managing director of Arsenal FC and the current chairman of Goals Soccer Centres, who said:

“I am delighted to be joining the board of Revolution Bars Group as chairman and I welcome Michael Shallow as an independent non-executive director.

“I believe the group’s brands, the markets in which it operates and the experience of the board in the UK retail and leisure sectors make it well placed to fulfil its growth ambitions.”

Former Britvic director Michael Shallow, who was also finance director of pub group Greene King from 1991 to 2005, has also been appointed as an independent non-executive director.

Revolution Bars has not yet revealed how much it hopes to raise through its Main Market listing, but it hopes the initial public offering will take place in March 2015.


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Words: Peter Cribley

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