The managing director of the Revolution bar chain said that the treatment of bars and late-night operators by the UK government was “nothing short of scandalous,” while disclosing that progress on vaccines gives the company hope for next year’s strong recovery.
Revolution Bars, which also runs locations under the Revolution of Cuba brand, said “welcome but totally inadequate.” was the government’s support for bars that concentrate on drinks.
This came after the chain closed its U.K. temporarily, In the face of a second national closure, locations last month.
The recently announced grants of £ 1,000 per wet pub or bar were “ridiculous and insulting” and underlined “a complete lack of understanding of the costs associated with businesses of this nature.” said Rob Pitcher, the group’s chief executive.
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He said, “The next few months will continue to be difficult and entirely dependent on the imposed operating restrictions.”
To protect the industry and prevent further job losses, especially for young people, further substantial government support will be required.
“The UK government’s approach to wet-led bars and late-night catering is nothing short of scandalous.”
Mr. Pitcher, however, said he was optimistic that Revolution would emerge as a more centered organization from the crisis.
The group noted that the trading outlook remains uncertain, but recent progress on coronavirus vaccines is likely to provide “pathway to a gradual recovery” to previous Easter trading levels.
The group, which runs 74 bars, told investors that in the last 24 weeks it had produced revenue of £ 20.6 million, down sharply from £ 72.1 million in the same time last year.
Since the bars were reopened on 6 July, the organization said that limits, including local closures, second national closures, table service, and 10 p.m., had been enforced. Uh, curfew.
The creditors of Revolution gave the green light last month to a restructuring proposal calling for 130 job cuts and the permanent closing of six locations.
The company’s voluntary arrangement (CVA) also secured reduced rents at seven bars.
On Thursday, Revolution confirmed its financial results for the last fiscal year, reporting a drop in revenue to 110.1 million pounds for the year to June, down from 151.4 million pounds a year earlier.
It fell to a statutory profit before tax of 31.7 million pounds for the period as it was impacted by 21 million pounds of exceptional costs.