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Thu 27th Mar 2014 - Breaking News - Revolution vodka bar operator releases half-year figures
New Inventive unveils half-year figures: Revolution vodka bar operator New Inventive Bar Company, the company formerly known as Inventive Leisure, has announced sales were up by 5% to £59.0 million in the first half to 31 December 2013. Company Ebitda over this period was up 41% from £4.7 million to £6.7 million. The company has undergone a series of significant changes since March 2013 when the new chief executive Mark McQuater was appointed. Since that time a number of new directors have been appointed to key strategic areas of the business including operations, property, catering and drinks procurement. The company has also undertaken an ‘Evolution Programme’, which has resulted in a high-end transformation of its core Revolution brand. Catering sales grew strongly in the half year by 13%. The performance in the first half of the current financial year, which has continued into the second half, follows a tougher trading period in the previous fiscal year which saw profits decline for the first time since the company was taken private in 2006. Mark McQuater, chief executive of New Inventive, said: “I am delighted that the management team at New Inventive Bar Company has converted this performance led plan into such a strong financial result in the current year. The company re-financed its bank facilities in December 2013 and is now looking at growing both its Revoluciὀn de Cuba and Revolution brands by opening new bars.” McQuater, the former chief executive of Barracuda Pub Company, replaced founder Roy Ellis as chief executive. Earlier this month, the business re-organised its 71 bars into three operating companies: Revolution Bars Limited, Revolución De Cuba Limited and Nightjar Bars Limited. Nightjar Bars operates 11 Revolution Bars, which will be de-branded over time and operate under a local non-branded format. Carl Anderson joined the group as operations director to run the Nightjar business. Anderson was previously with the Rank Group, Luminar and Yellowhammer. Mark McQuater, chief executive of The New Inventive Bar Company, said at the time: “The group is committed to growth, and the re-organisation of our bars under operating companies will allow us to continue our strategic growth plans at pace across the business.” It is extremely unusual for a private company to release half-year figures and is likely to have resulted from New Inventive’s owner, Alchemy, wanting to emphasise the strength of the recovery in the company’s performance.
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