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Wed 20th Jul 2016 - Revolution reports like-for-likes up 2.3% in full year
Revolution reports like-for-likes up 2.3% in full year: Revolution Bars Group, the operator of 62 premium bars, trading under the Revolution and Revolución de Cuba brands, has reported sales increased by £7.7m (+6.9%) to £119.5m (2015: £111.8m) in the year to 30 June. Like-for-like sales rose by +2.3%. The increase in sales reflects both the positive like-for-like sales result and the sales contribution from the new sites opened in the period. New Revolución de Cuba bars at Milton Keynes, Nottingham and Leeds, all of which were opened in the first half, were followed by a new Revolution in Stafford and a Revolución de Cuba bar in Liverpool’s Albert Dock, late in the second half. The Group currently trades from 62 sites, 53 trading under the Revolution format and nine under the Revolución de Cuba format. The Group’s full year results, which are expected to be in line with the board’s expectations, will be announced on Tuesday 4 October 2016. Mark McQuater, chief executive, said: “We are pleased with performance this year and particularly pleased with the performance of our new openings, all of which are trading ahead of our pre-investment expectations. We continue to make progress in developing our new site pipeline and look forward to opening a new Revolución de Cuba bar in Reading in the autumn. We are today announcing the continued implementation of our rollout plan with three more new sites being confirmed for FY17. We have exchanged contracts, with full licensing and planning consents, on sites in Harrogate, Glasgow and Aberdeen. We will provide further details when we update the market on the existing bar estate performance and our development plans in early October.” 

Just Eat completes Brasilian/Mexican deals: Just Eat, the leading digital marketplace for takeaway food delivery, has completed the sale of hellofood Brazil to IF-JE, its Brazil joint venture, as previously contemplated. The company has also sold to IF-JE a 49% stake in its enlarged Mexico business, formed of SinDelantal, acquired in February 2015, and hellofood Mexico, acquired in February 2016. It will retain a 51% stake in the enlarged Mexico business, or 65.7% on a look-through basis. The transfer of hellofood Brazil reinforces the existing strong position of IF-JE in the Brazilian online takeaway delivery market. In Mexico, creating a joint venture under local IF-JE management leverages Latin American know-how and scale to establish the business as the market-leader across the two most important markets for online takeaway in the region. David Buttress, chief executive, said: “The iFood joint venture in Brazil has been a huge success for JUST EAT and has enjoyed impressive growth since it launched in 2014, thanks to its intimate understanding of local markets and strong track record of executing against its strategy. These transactions with iFood will create additional volume and scale that will generate significant benefits in these markets. They will provide the perfect platform for iFood to expand further in the largest and most exciting markets in Latin America, creating real value for Just Eat and its shareholders.” The total net cash consideration received by Just Eat for the transactions is approximately US $11 million. In addition, Just Eat will receive benefit of services provided by local IF-JE management in Mexico.

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