Brief: Revolution Bars To Close Eight Of Least Profitable Bars To Reduce Site Losses

Revel Collective

05/01/2024 07:14

Jan 5 (Reuters) - Revolution Bars Group PLC  RBG.L :
    * GROUP LIKE-FOR-LIKE SALES FOR FOUR WEEKS FROM 4 TO 31
DECEMBER
WERE +9.0%,
    * LIKE-FOR-LIKE SALES FOR H1, INCLUDING NEW YEAR'S EVE,
CONTINUED
TO DEMONSTRATE AN IMPROVING TREND, BUT REMAINED NEGATIVE AT
-2.8%
    * AS AT 4 JANUARY 2024, NET DEBT WAS £18.3M, BELOW THAT
REPORTED
IN JULY 2023
    * DECIDED THAT EIGHT OF GROUP'S LEAST PROFITABLE BARS WILL
BE
CLOSED TO REDUCE FUTURE SITE LOSSES
    * NEGOTIATIONS FOR FIVE OF EIGHT BARS HAD ALREADY BEGUN FOR
THEM
TO BE TRANSFERRED TO OTHER OPERATORS OR THEIR LEASES RESCINDED.
    * CURRENTLY WORKING THROUGH REDEPLOYMENT PLANS TO ENABLE
THOSE
TEAM MEMBERS AFFECTED TO BE OFFERED ALTERNATIVE EMPLOYMENT
ELSEWHERE

Source text for Eikon:  ID:nRSE7235Ya 
Further company coverage:  RBG.L 

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