Inventive: food up but overall 'tough'

Revolution vodka bar operator Inventive Leisure has reported a "tough" first quarter in 2009.

The company, which is owned by private equity firm Alchemy Partners and management, had a "poor" January and a "poor but better" February. This month, March, like-for-like sales have been marginally positive at around 2% up.

Chief executive Roy Ellis said: "We expected January to be tough after consumers showed a to-hell-with-it-attitude in December. Everybody had to fight their corner in January and volumes were down — leaving us negative by quite a big number."

Food sales are up at Inventive after a £150,000 investment in pizza ovens across the estate in November last year. It has also focused on its coffee, where sales have doubled from a low base. Pizza sales and burgers — where Inventive has been building expertise — now account for 65% to 70% of all food sales.

"We've been getting pizza on the map at Revolution," said Ellis. "Peroni has been become our joint best-selling bottled beer." The company has only one new opening in the pipeline — work starts on converting sister company Tattershall Castle's Kulture site in Brighton to a Revolution in a month's time.

Ellis said the company was convinced that distressed assets would be available to buy, but was keeping its powder dry for the time being.

Its flagship site in Leadenhall is showing good like-for-like growth compared to a year ago when its hours were curtailed, with takings now at around the £70,000 to £80,000 per week mark.

Ellis said the biggest challenge, in keeping to the company's three-year plan, was maintaining profitability at existing sites, given increased costs across the board.