Overview
- The operator of Revolution and Revolucion de Cuba has hired advisers to assess options, including a potential sale or new investment.
- Group revenue fell 7.4% to £26.3 million in the three months to September, with bars down 10.5% on a like-for-like basis.
- Borrowings increased to £25.3 million from £22.1 million at the end of June.
- Management cites weaker spending by younger customers, warm summer weather, and higher costs from autumn budget changes to employer NICs, minimum wage and spirits duty.
- The company said no active discussions with potential suitors are under way, following last summer’s restructuring that closed 15 loss-making bars.