REVOLUTION Bars Group has revealed that it is shutting some of its late-night venues on Mondays and Tuesdays to save on energy costs.
The company – which operates two bars in Aberdeen City Centre, one on Belmont Street and one in The Academy – issued a profits warning yesterday after train strikes and low consumer confidence impacted sales in the second half of 2022.
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Overall, like-for-like sales in the half-year to the end of December fell by 9.4% It said full-year earnings were likely to be at the bottom end of the £6.7million to £10.5million range.
However, the firm said it enjoyed some positives over the festive period, with like-for-like sales up 17.3% on 2021 in the five weeks to December 31, helped by strong party bookings.
But compared with 2019 levels, there was a 9% decline as trading before Christmas was hit by train strikes
Rob Pitcher, CEO of Revolution Bars Group, said: “The first Christmas since 2019 without the shadow of Covid, saw a new company record for pre booked party revenue allowing us to be optimistic of a strong Christmas period. However, the continued train strikes had a material impact on whether guests attended their office Christmas parties, how long they stayed and whether they met up with friends on a separate occasion.
“Given the current economic environment, the coming months are going to be challenging and uncertain, not only for us, but for many businesses. We are not immune to this.
“The Board have reviewed their expectations for the full year, taken a number of actions to mitigate the external factors where possible, and will continue to track these closely. The decision to close some bars on a Monday and Tuesday in the early weeks of the year allows us to minimise energy usage in our quietest period whilst also allowing our teams to recover after the busy Christmas period.
“I am again proud of our team’s resilience during this disrupted Christmas and New Year period, and know that they have loved, as have I, seeing our guests enjoying themselves.”
