StockMarketWire.com - Cocktail bar owner Revolution Bars reported that two-thirds of its estate has re-opened and that trading has been ahead of expectations with the help of the now-ended 'Eat Out to Help Out' (EATHO) scheme but called for further clarity from government.

In a trading update for the period since it commenced the reopening of its bars on 6 July 2020, the group said 18 bars had re-opened by the end of July, and as of Monday 25 August 2020, 39 bars were trading.

Comparable venue sales in the eight weeks to 29 August were 72.5% of last year, while in the first four weeks of the period to 1 August comparable venue sales were 60% of last year.

Revolution Bars said that EOTHO has been a 'big success' in the last four weeks, boosting Monday to Wednesday comparable venue sales to 188.4% of last year.

Chief executive Rob Pitcher said: 'Having opened two thirds of our estate I'm pleased that these bars have outperformed our base case scenario assumptions, however, sales in the eight weeks since reopening commenced remain 27.5% below last year despite the assistance of the government's 'Eat Out To Help Out' scheme that finished earlier this week.'

He added: 'We would welcome an indication from government as to their inclination to assist in the grave issues that exist with commercial rental arrears and the moratorium that is due to end on 30 September 2020, as well as an indication of further financial support for the late-night venues sector that remains closed by government order.'

The group said 11 of its bars are unlikely to reopen until social distancing restrictions are further relaxed and that it has agreed to surrender the lease of Revolution Liverpool - Cavern Quarter effective 30 September 2020, meaning this venue will not reopen.

At 9:57am: [LON:RBG] Revolution Bars Group Plc share price was +1.25p at 15.75p



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