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News - 19 November 2003
Troubled Inventive Doesn’t Bode Well for Pub & Club Sector
The Group behind the 39 strong chain of Revolution Vodka Bars issued a profit warning two days ago that talks worryingly of profits being “significantly behind market expectations”. The chain recently took over the Po Na Na unit on Brighton’s Aquarium Terraces and has plans for another 7 sites but there is a widespread assumption that trading must have taken a significant knock to issue a profit warning so early in their financial year.
Yesterday the share price plummeted by 21% as brokers rushed to cut their forecasts with one broker (Numis) suggesting that some of their newer sites must be experiencing “double digit declines”. It remains to be seen if this will have an impact on the development of the Brighton venue which has stringent conditions attached to the license to counteract anti-social behaviour.
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