Revolution Bars expecting “significant pent-up demand” following the easing of restrictions
Revolution Bars (LON: RBG) confirmed today that it will be opening 20 of its locations when hospitality companies are allowed to serve customers outdoors in April.
The AIM-listed company, which owns 66 sites in total, is expecting “significant pent-up demand” following the easing of restrictions.
While the company would liked to have resumed business sooner, the roadmap out of lockdown has enabled it to prepare properly ahead of reopening, according to a Covid-19 update released today.
Revolution Bars has been getting through around £400,000 to £450,000 per week, according to the statement, which also stated that the company has £9.8m of liquidity.
The company’s share price soared today by 15.55% to 3,270p per share following its announcement. Year-to-date, Rovolution Bars’ share price is up from 2,100p.
Rishi Sunak confirmed yesterday during his budget announcement that retail and hospitality businesses will receive a special “restart” grant to help them reopen in April.
Rob Pitcher, chief executive of Revolution Bars Group, commented on the company’s outlook for thee remainder of the year and beyond.
“With the encouraging progress of the vaccination programme, clarity in the timetable to reopening, and the additional financial support measures announced by the Chancellor, the light at the end of the tunnel is getting brighter.”
“Notwithstanding that good news, our industry remains on the critical list and the continued support announced by the Government is required to ensure that we can be in a position to return to growth and be a driver of national job creation once again particularly for young people who are the lifeblood of our industry and who have been severely impacted over the last year.”
“We are excited at the prospect of welcoming back our colleagues and guests and providing fun and memorable experiences for them as lockdown restrictions ease.”