Revolution Bars sales up 257% as it buys Peach Pub Co

Greater Manchester-based Revolution Bars Group plc announced it completed the acquisition of Peach Pub Company (Holdings) Limited, the operator of 21 premium food-led pubs in the South of England and the Midlands, from its founders for £16.5 million.

Revolution Bars also published results for the 52 weeks ended July 2, 2022, showing a return to profitability as it reported profit before tax of £2.1 million compared to a loss before tax of £26.3 million in the prior year.

Sales of £140.8 million were 257.4% higher than the previous year “due to a return to much more normal trading, albeit with some impact from COVID-19 at the start of the period and during festive trading.”

However, in its outlook, Revolution Bars said the first two periods of FY23 “were challenging with footfall disrupted by train and tube strikes, heatwaves, resurgence in festivals and events, and people going abroad for their first holidays in three years.”

It said: “LFL sales in the first 11 weeks were -10.0% with city bars bearing the brunt of transport strikes …

“The next two weeks improved to LFL sales of -4.5%, aided by the return of students and gradual end of summer holidays, giving first quarter LFL sales of -9.1%, showing trading was still impacted by continued disruption of footfall into cities due to the ongoing train strikes …”

Revolution Bars Group CEO Rob Pitcher said: “This is an exciting and transformative opportunity for Revolution.

“It broadens our guest base, balances our day part sales and seasonality whilst providing another avenue for growth both organically and by acquisition.

“Peach is a quality business with great pubs offering a premium experience. It has rebounded strongly from the dark days of the pandemic.

“Central to this success has been a strong people focused culture with clear values that are focused on making the right choices for guests and our teams, a very similar approach to that taken at Revolution.

“We welcome the Peach team to Revolution where they can continue their excellent work delighting guests and seek continued personal development in a business with a multi-pronged strategy that has similar values, ambition, and drive for excellence, which Peach has clearly displayed over the last 20 years.

“I would like to acknowledge the exceptional work of Lee Cash, Hamish Stoddart and Jo Eames, as the founders of Peach, for creating an industry leading collection of premium gastro pubs.”