Revs to shut Liverpool bar and host of others as youngsters stop spending
Revolution Bars has said it will close down eight of its least profitable venues in response to young people scaling back nights out due to the cost of living crisis.
In a trading update, the nightlife operator blamed younger customers feeling the “disproportionate” effect of the cost-of-living crisis and the national living wage increase for the decision.
Bars across Southampton, Reading and Liverpool will be impacted, but no sites in London will close.
The group said it is currently working through redeployment plans to enable those team members affected to be offered alternative employment elsewhere in the group.
Revolution Bars will continue to operate 58 bars and 22 pubs.
The news comes despite the firm reporting the “best” festive trading period for four years.
The firm said group like-for-like sales for the four weeks from 4 to 31 December were 9.0 per cent.
Rob Pitcher, chief of Revolution Bars Group, said: “We have had the best festive trading period for four years with all of our brands recording positive like for like sales and Revolución de Cuba being the standout performer.
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.”