The owner of cocktail bar chain Revolution has confirmed it will return to the stock market next month and will shortly begin the search for suitable properties to fulfil a roll-out programme.
Formerly known as Inventive Leisure, the Ashton-under-Lyme based company will be led by Numis Securities in its IPO and will utilise the expertise of new chairman Keith Edelman, who is the former managing director of Arsenal Football Club. He has already begun to implement some changes which are geared towards lifting share prices, and will soon commence upon a programme of expansion in order to raise the brand’s profile.
Mr Edelman believes the flotation will prove very profitable for the growing chain, especially given the current market conditions.
He says; “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 makes it well placed to fulfil its growth ambitions.”
At present, Revolution Bars owns and operates two brands – the self-titled Revolution vodka bars and also the Revolución de Cuba division, of which only five currently exist in locations including Manchester and Liverpool. Altogether, the group controls 58 outlets, but should the ambitious growth targets be met this will climb to 140 in the long term.
The current target is to roll out a minimum of five new bars per annum until the end of the 2017 financial year, at which point the board will reassess the situation and judge whether a higher target would be achievable.
During the past 18 months, the group has shifted its focus from the traditional “student” core focus to become a more flexible environment, with considerable emphasis being placed upon the serving of fresh food and attracting an upmarket clientele. As a result, food sales now make up around a quarter of all sales made before 10pm in the group’s outlets.
Chief executive Mark McQuater voices his hopes that the flotation will further aid the expansion aims.
He says; “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.
“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.”
