UK Markets close in 5 hrs 55 mins
  • FTSE 100

    6,917.67
    -20.57 (-0.30%)
     
  • FTSE 250

    22,304.99
    -59.88 (-0.27%)
     
  • AIM

    1,261.57
    -2.12 (-0.17%)
     
  • GBP/EUR

    1.1505
    -0.0008 (-0.07%)
     
  • GBP/USD

    1.3873
    +0.0030 (+0.2178%)
     
  • BTC-GBP

    34,953.04
    -3,945.44 (-10.14%)
     
  • CMC Crypto 200

    1,105.65
    -137.40 (-11.05%)
     
  • S&P 500

    4,134.98
    -38.44 (-0.92%)
     
  • DOW

    33,815.90
    -321.40 (-0.94%)
     
  • CRUDE OIL

    61.51
    +0.08 (+0.13%)
     
  • GOLD FUTURES

    1,785.10
    +3.10 (+0.17%)
     
  • NIKKEI 225

    29,020.63
    -167.57 (-0.57%)
     
  • HANG SENG

    29,078.75
    +323.41 (+1.12%)
     
  • DAX

    15,251.11
    -69.41 (-0.45%)
     
  • CAC 40

    6,253.96
    -13.32 (-0.21%)
     

‘Light at the end of the tunnel’ for Revolution as it details reopening of bars

Henry Saker-Clark, PA City Reporter
·2-min read

The boss of bar chain Revolution has said “the light at the end of the tunnel is getting brighter” as it unveiled plans for the reopening of its sites as lockdown restrictions are unwound.

Revolution Bars told investors on Thursday that it expects a “rapid rebound” in trading after it opens the doors to its venues, predicting “significant pent-up demand” from potential customers.

The chain said it plans to open 20 bars on April 12, when outdoor hospitality will first be able to reopen to customers.

It said it then intends to have all 66 of its bars open on May 17, the proposed date set by the Government for the reopening of indoor hospitality.

Cocktail_Bartender
Revolution Group also runs the Revolucion de Cuba chain (Revolution/PA)

It comes a day after Chancellor Rishi Sunak confirmed the extension of furlough measures, a three-month extension of the business rates holiday followed by a discount for the rest of the year, and an extension to hospitality VAT reductions.

Revolution welcomed the support measures, saying it will help it “to regain a financial position from which it can again develop and thrive”.

Rob Pitcher, chief executive of the group, said: “With the encouraging progress of the vaccination programme, clarity in the timetable to reopening, and the additional financial support measures announced by the Chancellor, the light at the end of the tunnel is getting brighter.

“Notwithstanding that good news, our industry remains on the critical list and the continued support announced by the Government is required to ensure that we can be in a position to return to growth and be a driver of national job creation once again, particularly for young people who are the lifeblood of our industry and who have been severely impacted over the last year.

“We are excited at the prospect of welcoming back our colleagues and guests and providing fun and memorable experiences for them as lockdown restrictions ease.”

Revolution creditors gave the green light to a restructuring plan which saw the company cut 130 jobs and permanently shut six sites after it was impacted by the pandemic.