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A chain of bars has determined to shut eight websites throughout England because it warned that its youthful prospects are nonetheless feeling a “disproportionate” pressure from speedy will increase in the price of dwelling.
The firm mentioned that Revolution Bar websites in Derby, Reading, St Peters Liverpool and Wilmslow would shut, and that it was working to attempt to redeploy workers from these websites.
It may also shut two Revolucion de Cuba websites in Sheffield and Southampton and the Playhouse in Newcastle-Under-Lyme.
After the closure Revolution will function 22 pubs and 58 bars.
It got here regardless of the corporate reporting its finest Christmas buying and selling interval since 2019, earlier than the Covid-19 pandemic hit, forcing bars throughout the nation to shut.
Like-for-like gross sales have been up 9.0% in December, Revolution instructed shareholders on Friday.
Yet it was not sufficient to stop a 2.8% drop in like-for-like income throughout the six months to the top of December.
The firm will report a buying and selling replace for the primary six months of its monetary 12 months on January 24.
“We have had the best festive trading period for four years with all of our brands recording positive like-for-like sales and Revolucion de Cuba being the standout performer,” mentioned chief govt Rob Pitcher.
“However, our younger customers are still feeling the disproportionate effect of the cost-of-living crisis and the national living wage will increase materially in April 2024.
“Therefore, we have taken the difficult yet ultimately beneficial step for the group to close several bars which are unprofitable.”
He added: “Our teams do a terrific job in making guests welcome and giving them a great experience and again we have demonstrated that when our customer base can afford to do so, they are choosing to celebrate with us, and we have delivered record levels of guest satisfaction.
“This should bode well for the future.”
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