1 week Ago By Amber Murray
Revolution Bars has announced the appointment of well-known investor Luke Johnson as non-executive chairman of the struggling business. Johnson will replace Keith Edelman , who has served as chairman for the last nine years. Earlier this month, the pub and bar chain completed a comprehensive restructuring plan designed to steer the business back to profitability, which saw the closure of around 25 sites and its return to junior market AIM .
Johnson, who has a 20 per cent stake in Revolution , has been involved in numerous ventures including Pizza Express and Gail’s bakery. Chief executive Rob Pitcher said: “Keith’s strong leadership has been instrumental in steering the Group since 2015. Through IPO, the pandemic, unsolicited offers and the most recent fundraise and Restructuring Plan.
“As he steps down, we express our gratitude for his support and vision, which have left an enduring footprint on the Company. We wish him all the best in his future endeavours. “We are excited to be working with Luke who is vastly experienced in the Hospitality sector and brings a wealth of knowledge to enable the next phase of the Group’s development.
” He has chaired or founded various companies, including the private equity firm Risk Capital Partners, which has invested in a range of industries. Despite Revolution Bars’s recent struggles, overall hospitality sector closures in Britain slowed this year thanks to a “modest revival” in independent restaurants and dining out, a new report revealed in May . There were an average of four closures a day in the first quarter of 2024, according to the latest Hospitality Market Monitor by CGA by NIQ and AlixPartners, which is down from an average of eight a day in 2023.
Despite the market being down by 2.5 per cent year-on-year, with one in 40 venues shutting in the past 12 months, the report signals a slow yet positive return to “cautious confidence” for the hospitality industry as cost of living pressures begin to ease..
