Revolution Bars Group has revealed plans to open eight new sites across the next two financial years, with the majority expected to be delivered in the 2023 financial year.
In the group's preliminary results for the year ended 3 July 2021, the company also teased plans for a "soon-to-launch competitive socialising concept", one of two new brands. The other, Founders & Co, opened at the former Revolution site in Swansea and offers an artisanal marketplace experience.
Revolution Bars Group, which operates 67 premium bars trading primarily under the Revolution and Revolución de Cuba brands, used lockdowns to invest in its brands as well as its teams and sustainability, creating a diversity and inclusion board and committing to hitting net zero before 2030 with at least 40% of emissions reduced.
Two equity fundraisings over the last year raised £34m, enabling the group to reduce its level of borrowing, kickstart a refurbishment programme, and be ready for any suitable acquisition and growth opportunities.
Net bank debt reduced from £22m at the end of the 2020 financial year to £3.6m at the end of the 2021 financial year, and as at 15 November 2021 Revolution had a net cash position of £4.6m.
After the first 14 weeks of the 2022 financial year the business said it had already exceeded the total revenue generated in the 2021 financial year, with total revenue currently at 137% of 2021.
Chief executive Rob Pitcher said: "We are very excited to be back trading and doing what we do best. As we had hoped and expected, our young guest base was ready to return to our bars and we continue to be pleased with our level of trade, reflecting the fun and memorable experiences our teams create for our guests.
"Our strategy, and the investment in our brands and people, is showing real results. We are pleased with the launch of our two new brand concepts, and love to see our two established brands continue to thrive and grow.
"Whilst the disruption caused by Covid has set back our timescales for expansion, we believe that post-Covid, our marketplace and the competitive landscape will be fundamentally different and there will be good opportunities for our brands to expand their estates at a much lower level of investment."