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Financial impact of covid-19 on Drake & Morgan


London-based cocktail bar and restaurant group Drake & Morgan’s creditors have approved a company voluntary arrangement (CVA) – with 90% voting in favour of proposals.
The Bowmark capital-backed group, a business operating 22 venues across London, Manchester and Edinburgh, announced the proposal – which will result in the closure of the Allegory and the Listing, in London as well as the Refinery in Spinningfields, Manchester – last month (May).  
The firm said all team members in affected sites would be offered alternative roles within the business.
“We wish to thank our landlords, suppliers, business partners and other creditors for their support,” Jillian MacLean, founder and CEO of Drake & Morgan said. ....

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When will Revolution Bars reopen?


Exciting prospect : With the encouraging progress of the vaccination programme, clarity in the timetable to reopening, and the additional financial support measures announced by the Chancellor, the light at the end of the tunnel is getting brighter, Revolution s Rob Pitcher said
Nationwide operator Revolution Bars Group has announced plans to reopen 20 sites for outdoor guests in April ahead of the resumption of trade across its full estate a month later.
Though the Group said the reopening dates set out in the Government’s lockdown roadmap were later than hoped for, it revealed that it planned to open 20 sites for outdoor trading on 12 April in keeping with the plan’s conditional dates. ....

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What were the biggest pub property stories of 2020?


Punch purchases seven-pub package from Heartstone Inns  
As reported by 
The MA ​in January​, the operator of about 1,250 pubs across England, Scotland and Wales, completed the acquisition of seven pubs from Heartstone Inns. 
Established in 2007, Heartstone Inns will continue to operate its remaining eight pubs following the sale of seven sites in the south-west to Punch.
“We are pleased to welcome these seven wonderful pubs into the Punch family and look forward to working together with our new publicans and their teams,” Punch chief executive officer Clive Chesser said.
“We would like to thank Heartstone Inns, who have been working closely with us to ensure a smooth transition for everyone. We have plans to invest in all seven pubs during 2020, providing them with industry-leading support to allow them to flourish, while ensuring they continue to operate at the very heart of their local communities. We will provide further updates as these plan ....

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Coronavirus UK: Revolution bar chain boss slams Government's treatment of bars and nightclubs


The boss of Revolution Bars today blasted the Government s scandalous treatment of bars and nightclubs during the pandemic, accusing it of deliberately sacrificing businesses and people s livelihoods . 
Chief executive Rob Pitcher said state support for bars which have seen their trade decimated during the crisis is totally inadequate and called grants of £1,000 per wet-led pub or bar derisory and insulting .
The group, which runs 74 bars in the UK, told investors it is down around £8.5million a month for the past six months from the same period last year after reporting a nearly 50 per cent fall in sales from 2019.
Since reopening bars from July 6, it said it had been weighed down by restrictions including local lockdowns, the second national shutdown, table service and the 10pm curfew. ....

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