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Fri 12th Jul 2013 - Inventive invests £6.6m in Revolution evolution
Inventive to invest £6.6m in evolving estate: Inventive Leisure, who own and operate 66 Revolution bars and five Revolucion de Cubas across the country, is investing over £6.6m in rolling out its ‘Evolution’ programme following successful trials of the new format in eight sites. The new design builds on the demands of their affluent style-conscious customers. Crisp stylish decor is injected with vibrant touches and attention-grabbing displays. A full meet-and-greet service sets the tone on arrival, with full floor service provided throughout the venues designed to offer a compelling customer experience. The drinks offer has been enhanced with a high emphasis on quality cocktails that extend well beyond the previous vodka based menu and now incorporate drinks such as the classic and fruit Mojito Sours and a great range of sharing and connoisseur cocktails. Chief executive Mark McQuater said: “Our customers pull from the more affluent 18-35 year age group and the new design and service standards coupled with the unique mix of music and entertainment has hit the market spot-on for this eclectic group. Our trials in Leeds, York, Edinburgh, Albert Dock, Cambridge, Deansgate, Wimslow and Aberdeen have enabled us to constantly improve elements of our offer and come up with a repositioned Revolution brand that works for our customers. We have seen fantastic results - it’s very exciting.” The rollout of the Evolution programme extends over the next eight months to a further 26 Revolution bars starting with the Swansea site, which reopens on 20 July and is quickly followed by the Brighton Revolution, which opens the following week. Sites will then open at the demanding rate of one per week. Inventive Leisure, owned by private equity firm Alchemy Partners, came off the market last year after bidders failed to meet price expectations. Former chief executive and founder Roy Ellis told Propel at the time: “There’s been a sale process and a good number of offers but none of them were sufficiently attractive.” The latest set of accounts for Inventive showed an exceptional item of £740,000 in relation to the costs of Inventive’s advisor in the process. The company reported underlying Ebitda of £13.8m in the year to the end of June 2012, up from £12.3m the year before but subject to the aborted sale process costs and a £1.3m onerous lease charge on a property in Chiswick. Turnover rose from £94,899,000 in the year to June 2011 to £109,090,000 in the most recent year. Operating profit dipped to £4,721,000 from £4,971,000.
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