Revolution Bars Group, which has an annual turnover of £108.7m, this morning revealed plans to float on the London Stock Exchange to fund the "measured rollout" of new venues. The company is targeting 140 bars across the UK and Ireland, up from the current estate of 58, under its Revolution and Revolución de Cuba brands.
Instinctif has been appointed on a retained basis following a competitive pitch.
Mark McQuater, chief executive of Revolution Bars Group, said: "Both Revolution and Revolución de Cuba are premium brands which target a growing market where we believe a premium offering is in demand. We believe that a successful listing will complement the group's growth strategy and help support our rollout plans for the group's branded bars in the UK."
McQuater was previously CEO for Barracuda, the former high street bar group that at one time used Instinctif for its PR under the agency’s previous guise as College Hill.
Instinctif handles PR for a number of other clients in the eating and drinking out sector, including Marston’s, The Restaurant Group, Ed’s Easy Diner and Eclectic Bar Group.
News of Revolution’s planned IPO follows strong recent results for the company, with like-for-like sales over the festive period (six weeks to 3 January) about six per cent higher than in the previous year. Revenue for the six months to 31 December was £58m, up from £56.1m in the comparative period in 2013. Adjusted underlying profit (EBITDA) grew from £7m to £7.9m.
The firm also announced the appointment of Keith Edelman as non-executive chairman and Michael Shallow as an independent non-executive director.
