UK's Revolution Bars slumps; to close 8 of its least-profitable outlets

Revel Collective

05/01/2024 10:55

** Shares of Revolution Bars Group  RBG.L  fall as much as
23.5% to 4.17p, stock set to post worst day since Jan. 17, 2023,
if trend holds 
    ** Premium bars and pubs operator says it would shut down
eight of its least profitable bars to reduce future site losses
    ** Co says macroeconomic trading environment continued to be
challenging, and prospect of statutory 10.8% increase in
national living wage in April 2024 increases challenge
    ** Says group delivered a strong festive trading period; LFL
sales for four weeks to Dec. 31 up 9%, its best festive period
since 2019
    ** Shares currently down 19.2%; stock had lost nearly 28% in
2023

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))