Revolución de Cuba bars cut opening days as costs soar
The owner of Belfast’s Revolución de Cuba bar has said the chain will be shutting its venues on Mondays and Tuesdays during January and early February in response to soaring energy costs.
Shares in Revolution Bars Group Plc tumbled by as much as a quarter on Tuesday as the hospitality firm also recorded a hit to trade from industrial action.
The company said: “Revolution will be closing a limited number of bars on Mondays and Tuesdays to enable our teams to recover after the busy Christmas period, with the added bonus of minimising energy usage.”
A spokesperson would not share any further detail but said customers should check the bars’ websites, which would be updated “in due course”.
It is understood Revolución de Cuba on Arthur Street will not be affected by the closure plan.
Revolution Bars Group also owns the Peach Pub brand — although Revolución de Cuba, situated in a listed building which formerly housed Cafe Vaudeville, is its its only venue in Northern Ireland.
In an update this week, the business said earnings for the year is “likely to be lower than previously guided”.
It said that earnings before interest, tax, depreciation and amortisation is due to be at the bottom end of market expectations, which had ranged between £6.7m and £10.5m.
Rob Pitcher, chief executive officer of the group, said: “The board have reviewed their expectations for the full year, taken a number of actions to mitigate the external factors where possible, and will continue to track these closely.
“The decision to close some bars on a Monday and Tuesday in the early weeks of the year allows us to minimise energy usage in our quietest period, whilst also allowing our teams to recover after the busy Christmas period.”
The group said it saw like-for-like sales rise by 17.3% over the five weeks to December 31, compared with the same period in 2021, as it benefited from “strong” office Christmas party demand.
However, it highlighted that the Christmas trading period saw sales 9% down against pre-pandemic levels from 2019.
The former bank building in which Belfast’s Revolución de Cuba is based dates back to the 1800s and was once the head office for Dunville & Co. It was put on the market for £3.5m in 2017 by Cafe Vaudeville owner Pat McCormack.
The building was bought by pub chain JD Wetherspoon in 2019, though Revolución de Cuba’s lease was not affected.
