Red Engine to accelerate global expansion
The social entertainment platform has strengthened its central team and brought in new skills to fulfil this ambition, according to its latest accounts filed at Companies House.
Red Engine began 2023 with 15 owner-operated venues, as well as six in US and two in Australia under licence.
Debut Scottish venues in Glasgow and Edinburgh have “more than hit the ground running, delivering exceptional results”.
During 2023, the group sold over one million cocktails, boosted by Bristol and Birmingham cocktails weekends, and summer and winter terraces.
Deansgate open
Partners opened Flight Club Fremantle and Flight Club Denver.
In 2024, the company is opening Electric Shuffle NYC for a summer opening date, Electric Shuffle Manchester in Deansgate (which opened on Friday 21 June), Flight Club Liverpool, and Flight Club Oxford in the Westgate development.
Partners are set to open in Washington, Philadelphia, Sydney and Melbourne.
Ross Shepley-Smith, chief financial officer, said: “No business can sustainably grow and flourish without a solid foundation to support it. Sometimes this is the unsexy boring, practical but necessary work that happened in the background, but without we wouldn’t be who we are.
Team strengthened
“With this in mind we have challenged ourselves to start thinking about the next three to five years, and what that could look like in terms of number of new venues, both owner-operated and partner operated.
“We feel now the time is right go push the accelerator a little harder in terms of the number of global venues we want to open.
“We have strengthened out central Red Engine team over the last year and brought in new skills which will ultimately help fulfil this ambition.”
In 2023, total revenue was up 27% to £68.5m (2022: £53.8m).
Gross profit was £42.2m (2022: £32.8m)
The loss for the year after tax was £4.8m (2022: loss £3m).
