Revolution is on hold

REVOLUTION Bars has delayed its expansion plans as it warned on profits after a period of declining sales.

The company, which has 79 bars in the UK, said annual underlying earnings will be between £11m and £12m. The consensus estimate was £12m.

This was a result of a slower first half, with sales in the 26 weeks to December 29, 2018 down 4pc. Shares in the business crashed yesterday by 21.5pc, or 17.05p, to 62.4p.

While sales were positive at the group’s secondary brand Revolucion de Cuba, the core Revolution brand was hit by under-investment.

as a result, the company will hold back on bar openings and focus on refurbishing its existing sites.