Revolution launches CVA to exit six sites, sales in last five weeks reduced to 49.5% of last year because of 10pm curfew
Revolution Bars Group, the operator of 73 premium bars trading across the UK under the Revolution and Revolucion de Cuba brands, has launched a CVA today as its Revolution Bar Limited (RBL) subsidiary to reduce the size of its estate and rental cost base and improve the profitability and return on capital of the group over the long-term. RBL operates 50 Revolution branded bars.
The CVA proposes to reduce the size of RBL’s estate by six bars and reduce its rental cost base, thereby improving the profitability and return on capital of the group over the long-term. RBL operates 50 Revolution branded bars.
The CVA proposes to reduce the size of RBL’s estate by six bars and reduce its rental cost base, thereby improving the profitability and return on capital of the group over the long-term. A comprehensive review of the RBL portfolio has identified 13 trading sites that are either: significantly underperforming due to their location and local trading conditions; significantly over-rented; not expected to generate future profitable returns going forward, or subject to a combination of all three above factors.
Under the terms of the proposed CVA: RBL expects to exit six bars and obtain materially improved rental terms on seven others. Where, improved rental terms are being sought, landlords will have the option to terminate the lease at various junctures over the next two years. The remaining 37 bars in the RBL portfolio will not be materially affected.
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The next Propel Multi Club Conference will take place on Thursday, 5 November and will take the form of a day-long digital live webinar focusing on “navigating the new normal”. The event, which starts at 10am, is free for operators, who can claim two places by emailing firstname.lastname@example.org. Speakers include Stephen Owens, managing director of pubs and restaurants at Christie & Co, who will provide an overview of the effect of covid-19 on the pub, restaurant and hotel property market – and where it goes from here. Tim Shield, of John Gaunt & Partners, will talk about the opportunities and challenges that face the sector as it adapts to the covid era – and emerges from it. Andrew Ball, partner at hospitality specialist haymacintyre, which has 140 clients in the sector, will provide insights on the key accountancy issues all operators need to be aware of generated by covid-19. Robert Cook, chief executive of TGI Friday’s, will talk to Propel insights editor Mark Wingett about how the business has navigated lock-down with a new management team and new ideas. Richard Hodgson, chief executive of YO!, will discuss how the company used the crisis to evolve into a fast casual operator. Simon Potts, chief executive of The Alchemist, will talk to Mark Wingett about navigating the crisis, opening new sites, listening to its teams and evolving its culture. BrewDog chief operating officer David McDowall will talk about how the company fought back against the crisis and lessons it learned from its international businesses. The NPD Group’s Dominic Allport will talk about the impact of covid-19 on consumer behaviour and trading, and looks forward to highlight the likely winners and losers from the market rebound over the next 12 to 18 months. Andy Hornby, chief executive of The Restaurant Group,will talk to Mark Wingett about how the Wagamama owner approached the crisis, the restructuring of the business and the lessons learned. There will also be two panel sessions. Mark Wingett will talk to Kevin Charity, founder of Coaching Inn Group; Andy Laurillard, founder of Giggling Squid; Peter Borg-Neal, founder of Oakman Inns; andPrue Freeman, founder of Daisy Green about how covid-19 changed their businesses, their leadership style and the sector for the better and the worse. Meanwhile, sector investor Luke Johnson, UKHospitality chief executive Kate Nicholls, Robin Rowland andLondon Union founder Jonathan Downey will talk to Mark Wingett about what comes next for the sector.
We have teamed up with Propel Multi Club conference series partners to offer the sector their expertise. Partners will offer more general advice and highlight some of the initiatives they are doing.
Companies supporting the BeatTheVirus campaign include Airship, Bums on Seats, CACI, Christie & Co, COREcruitment, CPL Learning, Cynergy Bank, Elliotts, Hastee, haysmacintyre, John Gaunt & Partners, KAM Media, Prestige Purchasing, S4labour, Startle, Ten Kites, The NPD Group, Toggle, Trail, Venners, Wireless Social, Yapster and sector trade body UKHospitality.
Propel managing director Paul Charity said: “It is amazing to see how the industry has come together during this crisis and here at Propel we want to do our bit. This is why we are working with Multi Club partners to offer expert support and advice to our readers and to answer their questions at what is a tough time for everyone.”
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More than 300 readers have now signed up to Propel Premium – while those joining the new-look Propel Premium Club can save money by receiving a pair of free tickets to one of four conferences in 2020.
Propel Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out, discounts to attend Propel conferences and events, and regular columns from insights editor Mark Wingett. Subscribers also receive access to our database of multi-site companies, which has grown to 1,500 businesses.
Meanwhile, subscribers to the new-look Propel Premium Club will be able to choose to use a pair of free tickets to one of the following conferences – The Delivery Conference (Tuesday, 21 April), The Finance and Investment Conference (Thursday, 14 May), The Casual Dining Summit (Monday, 12 October) or The New Concept Conference (Monday, 19 October). The normal cost of two tickets to these events is £490 plus VAT for operators and £690 plus VAT for suppliers.
An annual premium subscription costs £395 plus VAT for operators and £495 plus VAT for suppliers. Email firstname.lastname@example.org
Operators can map their marketing strategy for 2020 through a video collection that features all sessions from the Social Media for Profit Masterclass. The videos reveal how to build sales and brands using social media and are taken from the social media boot camp hosted by Mark McCulloch (pictured), who has more than 20 years’ brand, marketing, digital and social media experience that includes senior positions at Pret A Manger and YO!
McCulloch reveals the hot trends and tips for 2020 and what social media strategists should focus on including channels, content and untapped areas you may be neglecting. He also reveals how businesses can grow their reach by creating a personal brand and using their most senior people to make that brand more human, relevant and accessible.
McCulloch is joined in the video series by Alison Battisby, founder and director of social media consultancy Avocado Social, who has ten years of social media experience and is a Facebook-accredited trainer. She reveals the best way to use Instagram to drive bookings and the do’s and don’ts of working with influencers. She also reveals how to ensure your social media adverts are working successfully.
Meanwhile, Move Digital founder and managing director Geraint John reveals why voice activation is so important, what it can do for your business, where to start and how to build your voice strategy before you launch a new way to reach your customers that will leave your competitors behind. The full video collection is £295 plus VAT.
To order, call Anne Steele on 01444 817691 or email email@example.com
The Propel Friday Wrap:
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Dusk ’til Dawn webinar in conjunction with UKHospitality
Mark Wingett talks to UKHospitality chief executive Kate Nicholls, Deltic Group chief executive Peter Marks, Revolution Bars Group chief executive Rob Pitcher, and The Piano Works operations director Tristan Moffat
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