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Thu 19th Jan 2017 - Update: Revolution Bars Group trading, Ivy results
Revolution Bars Group reports like-for-likes up 2% in First Half: Revolution Bars Group, the operator of 66 premium bars across the UK, under the Revolution and Revolución de Cuba brands, has reported like-for-like sales rose by 2.0% in the 26 weeks to 31 December 2016. Overall sales, including the contributions from new bars, were £66.6m for the same period (2015: £59.1m), up 12.7%. The group opened four new Revolución de Cuba bars in H1 FY17 in Harrogate, Aberdeen, Reading and Glasgow. It is currently on site at our fifth development in Southend on Sea which is due to open in H2. Chief executive Mark McQuater said: “I am delighted to report another period of good progress for the group. Continued investment in the business with new site openings in Harrogate, Aberdeen, Reading and Glasgow have further expanded our geographic footprint. We had a strong festive trading period across our existing estate and all of our new sites were open for Christmas and New Year where initial trading was encouraging, with group sales increasing 16.2% over the five week trading period. We continue to develop our pipeline and are currently on site at our fifth development in FY17 which will take the estate to 67 sites. We remain positive for the future prospects of the group.”

Richard Caring’s Ivy operator reports Ebitda boost: Accounts for Troia UK Restaurants, the vehicle that is overseeing the expansion of the Ivy and is owned by Richard Caring, has reported Ebitda jumped to £1,929,444 in the year to July 2016, up from £517,058 the year before. Turnover rose to £22.3m from £6.1m in the year previous. The company opened three restaurants in the period, in Marylebone, Kensington and Wimbledon, with a site opening in Clifton, Bristol on 2 August 2016. It stated: “All of these restaurants have performed strongly in the initial period of opening and significantly ahead of budgeted expectations. This performance was complemented by further improvement at the group’s existing restaurants in Covent Garden and Kings Road in their first full year of operation.” The company secured a £25m facility with HSBC in August 2015 to fund capital expenditure. Another site has opened in St Johns Wood since the year-end with sites planned for Soho, Richmond, Cobham and Tower Bridge. The company made a loss of £1,316,984 (2015: loss of £1,272,636) after exceptional items of £1,995,453 (2015: £1,564,560) that included pre-opening costs of £1,877,886 (2015: £1,564,560). 

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