Revolution vodka bars to be sold?

06 September 2005
Revolution vodka bars to be sold?

Revolution vodka bar owner Inventive Leisure has been approached by a private equity company about the purchase of its 42-strong estate.

Inventive, founded in 1995 by Roy Ellis and Neil Macleod, said discussions were at an early stage and no agreement had been reached. It did not name the interested party.

The Alternative Investment Market-listed company also released strong results today for the year ended 30 June 2005, reiterating its long-term ambition to have 100 Revolution bars in the UK.

Turnover increased 7.8% to £44.9m, from £41.7m in 2004. Inventive said the climb was thanks to the first-time contribution of seven bars, one new opening and like-for-like sales growth.

Like-for-like sales increased by 1.5% during the year and much of this was put down to the popularity of the Vodka Kitchen menu, which saw food sales grow 34% - creating £600,000 of revenue.

Pre-tax profit increased 45% to £3.6m, compared with £2.5m in 2004.

The company will launch three new bars this year, after recently opening a site in Leeds.

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