The full impact of the Covid-19 restrictions placed on Revolution Bars Group has been revealed as its full-year revenue slumped by more than £70m.
The Manchester-headquartered group, which is behind the the Revolution and Revolucion de Cuba brands, has also reported pre-tax losses for the 12 months to July 3, 2021, of £26.2m.
The new figures come after the group hailed its "excellent" trading during the first three months of its new financial year.
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The full-year results, which have been filed with the London Stock Exchange, show the group's revenue fell from £110m to £39.4m while its pre-tax losses went from £31.7m to £26.2m.
Revolution Bars received a £20m CLBILS boost during the year while two equity fundraisings were completed, achieving total net proceeds of £34m.
The funds were used to reduce the group's level of borrowing, "kickstart an enhanced refurbishment programme and be poised and ready for any suitable acquisition and growth opportunities".
A Company Voluntary Arrangement (CVA) in the first half of the financial year resulted in the exit from six loss-making sites, and a further two loss-making locations were surrendered.
The move helped the group save £6m across its estate since the start of the pandemic.
The group has also created two new brand concepts: Founders & Co, an "artisanal market-place experience", and a soon-to-launch "competitive socialising concept".
Chief executive Rob Pitcher said: "We are very excited to be back trading and doing what we do best.
"As we had hoped and expected, our young guest base was ready to return to our bars and we continue to be pleased with our level of trade, reflecting the fun and memorable experiences our teams create for our guests.
"Our strategy, and the investment in our brands and people, is showing real results.
"We are pleased with the launch of our two new brand concepts, and love to see our two established brands continue to thrive and grow.
"Whilst the disruption caused by Covid has set back our timescales for expansion, we believe that post Covid, our market place and the competitive landscape will be fundamentally different and there will be good opportunities for our brands to expand their estates at a much lower level of investment.
"Given the backdrop of one of the most challenging years for our company, I am thankful to our colleagues for their resilience, professionalism and dedication.
"Our teams continue to create the party, and it is this effort that has resulted in our guests returning in such numbers which has in turn allowed us to enjoy such a strong start to our year."
