Revolution Bars – Post Fundraising Outlook

The Act nightclub was a mess Sunday after a wild final night of partying. Staffers were informed before the doors opened late Saturday that The Act was being shut down by the club's ownership. Bro ...

Nightclubs have been in long term decline in the UK, much of Europe and presumably worldwide for many years as documented in this article from 2018. Within this market, Revolution Bars has underperformed, with bars closed, leases surrendered and the share price losing two thirds of its value even prior to Covid.

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7:59 cut – RBG, QUIZ, BKS

Revolution Bars (RBG) – H1 Update

The company today issues a trading update including the Christmas / New Year period. While the headlines are bombastic, the most relevant figure is that like-for-like sales for the second half are +1.2% despite significant spending on refurbishments. Not only is this likely to be barely sufficient to cover increases in staffing costs from the ever-increasing minimum wage, but it also underlines just how necessary ongoing capex is, and the irrelevance of EBITDA figures from an equity holder’s perspective.

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