Revolution Bars Group has warned it expects tradition conditions to remain “challenging” as cash-strapped young people cut back on nights-out, but the cocktails specialist cheered strong Christmas party bookings.
Comparable sales in the year to July 2 were down 8.7% compared with pre-Covid, with the firm’s late-night bars division facing tough conditions.
Revolution Bars said younger customers are “struggling financially in the current challenging economic environment”.
But chief executive Rob Pitcher was upbeat about good demand in London for the Christmas party season, with total pre-booked revenue 24.7% higher than at this point last year.
He told the Evening Standard: “Employers realise the need in tough times to give great experiences that will boost staff morale.”
The group’s 21 gastropubs division, mainly in London’s commuter belt, saw like for like sales climb 14% ahead of what was achieved pre-pandemic.
The update came on the same day Marstons said Brits are increasingly looking to the premium end of the menu when they do go out for a drink.
Like-for-like sales rose 10.9% in the 16 weeks to July 22, boosted by warm June weather helping pack beer gardens, a trend which trailed off heading into a cooler, wetter July.
The pub firm’s boss Andrew Andrea said: “The key thing that’s surprising us is that when people go out they want a good experience and they are not trading down to the cheapest options.”
