REVOLUTION Bars Group has underlined its appetite to expand in Scotland after delivering a bumper profits rise in its maiden year as a listed company.
The hospitality company, valued at £100 million when it debuted in the London Stock Exchange in March 2015, made a pre-tax profit of £7.1 million in the year to June 30, up from £2.9m.
The rise in profits came as turnover leapt to £119.m from £111.8m, with the company adding four units to its Revolucion de Cuba brand, taking the total to nine, and one under its 53-strong Revolution vodka bar chain.
And Revolution, headed by Edinburgh born Mark McQuater, remains on the expansion trail in its current year, including in Scotland.
Mr McQuater, a former chief executive of pub group Barracuda, said it was currently on site developing four units, which will be added to its stable this year.
These include what will be its first Revolucion de Cuba site in Glasgow, which is hoped will open either before or just after Christmas, and a second Revolution bar in the city.
The company has a Revolution bar in Edinburgh and is looking to complement its Revolution venue in Aberdeen with a Revolucion de Cuba venue. It is also looking at a site in Inverness.
“Our Scottish portfolio is starting to look quite healthy,” said Mr McQuater.
Revolution walked away from a £16m deal to acquire an unnamed group of Edinburgh bars in the aftermath of the Brexit vote, but Mr McQuater remains open to doing deals.
“The general message is that we interested in developing our business in Scotland,” said Mr McQuater. “We think it is a really strong trading territory and are interested in also looking at smaller acquisitions ... if they are good quality. But we don’t need bolt-ons to keep the business moving forward at double-digit growth.”
Asked whether the Brexit vote had affected business, Mr McQuater noted that like for like sales had risen by 1.8 per cent in the first 12 weeks of its current financial year, broadly in line with its performance between January and June.
“I wouldn’t really say customers have changed their habits so far,” he said.
Shares in Revolution Bars Group closed up 2p at 154p.
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