Rekom UK reports revenue hits £97.8m in 2022, group’s strongest performing division and ‘exceeding all expectations’: Rekom UK, the UK’s largest nightclub operator, has reported revenue increased to £97.8m for the year ending 31 December 2022 compared with £65.8m the year before. Ebitda reached £18.4m, (2021: £16.6m) while Rekom UK grew its estate from 42 to 52 venues during the year. The introduction of Scandinavian concepts, Heidi’s Bier Bar and Proud Mary, in key locations, Cardiff and Birmingham, “helped to drive strong growth”, the business said. The UK business accounted for more than a third (38%) of total group revenue in the period and Rekom Group said the UK acquisition has “exceeded all expectations”. Peter Marks, chairman of Rekom UK ,said: “I’m delighted to report positive results from Rekom Group and am pleased to highlight that our UK division is currently the group’s strongest performing division. We are mindful however that this year’s performance lays in part due to an initial post-lockdown surge, after which we saw guest numbers normalise in recent months. Saying that, although we are not immune to the pressures the sector has faced and continues to face, we are confident that with a relevant and engaging business offering, we can continue to evolve and develop both our brand and estate throughout 2023.” Russell Quelch, executive country director of Rekom UK, added: “The big success for us this year has been the addition of Heidi’s Bier Bar and Proud Mary to the portfolio, giving us a broader guest profile, trading window and variation to our offering.” It comes as Rekom Group reported total revenue of DKK 2.2bn (£260m) – a record performance and double that of 2021. After the UK, the best performing divisions were Denmark with a revenue of DKK 751m (£88.8m), Norway with a revenue of DKK 474m (£56.0m) and Finland with a revenue of DKK 146m (£17.3m). In 2022, Rekom Group generated two-thirds of its revenue outside of Denmark. Group Ebitda was DKK 503m. Rekom Group chief executive Adam Falbert said: “We are very satisfied with the result for 2022 – especially considering the challenges that 2022 has also offered. In 2019 – before covid-19 – we had a revenue of just below DKK 800m, and the vast majority was generated in Denmark. Today we are an international corporation with more than 6,850 employees and a revenue of more than two billion Danish kroner, primarily earned outside of Denmark. And we still have the ambition, desire, and ability to become even bigger.” Rekom Group has entered 2023 “with a strong core business” consisting of 215 venues – “and our own brands on the rise”. The company stated: “In 2022, Rekom launched its own management and operational system, Rekom Workspace, which has taken the IT infrastructure for controlling and planning shifts, inventory, and finances to a whole new level for the industry. The group expects to launch the nightlife app NightPay in a 2.0 version during 2023. Hence, Rekom expects 2023 to be the year in which the company goes from being a nightlife operator to being an international nightlife platform centred around three pillars that complement each other and expand Rekom's revenue streams. It is set to be a core business that develops and operates bars, nightclubs, and restaurants in Europe and in time globally. It is held up by a pillar of own brands, developed by Rekom itself or in collaboration with close partners, and a digitalisation pillar that will focus on the commercialisation of data and the development of software solutions that support Rekom's business. Rekom is therefore strongly positioned for 2023, and has a positive outlook on the possibilities to continue its growth both organically and through acquisitions in existing markets over the coming years. However, growth in 2023 is expected to be moderate due to the geopolitical and macroeconomic uncertainties affecting the world. Hence, Rekom expects a revenue of between DKK 2.3bn and DKK 2.5bn in 2023, with an Ebitda between DKK 465m and DKK 515m.” Falbert said: “We are looking into a really exciting year for Rekom. For the fourth year in a row we must show that we can move forward despite global headwinds. The good thing is that we have never been stronger when we look at our venues, our products, and our services. I believe that our industry is entering a phase of consolidation in Europe, where the nightlife platform we have built and the experience we have gained – not least from the integration of the acquisition in the UK, which has exceeded all expectations – will make us one of the key players that others will look towards.” Rekom UK features in the Propel Turnover & Profits Blue Book. Its turnover of £97.8m is the 67th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription.

BrewDog’s James Watt teams up with Crowdcube to launch business funding platform: James Watt, co-founder of Scottish brewer and retailer BrewDog is teaming up with Crowdcube to launch Next Unicorn, a new business funding platform. Under the new initiative, Watt said that “three winning businesses will share £1m between them” and run a Crowdcube campaign so members of the public can also invest on exactly the same terms as him. He said: “The additional £4m investment will be unlocked across the three businesses as they reach growth milestones. This is power to the people meets 21st century investing.” Watt said: “Back in 2008 BrewDog was turned down at the very last minute by Dragon’s Den, and in 2021 I narrowly missed out on becoming a Dragon myself. Spurred on by this double rejection I decided to try and create something better: Better for entrepreneurs, better for businesses, better for our economy, and, ultimately, better for you. The Next Unicorn is a business funding platform like no other. I’ll be backing three businesses in their quest to become billion-pound companies and unlike Dragon’s Den you are invited to participate in the deals! If you have a start-up or small business with the potential to become the Next Unicorn we want to hear from you! All we need from you initially is a ten-slide pitch deck, and our project covers seed funding to series A funding to everything in between. And if you are keen on investing in the winning three businesses, I am going to bring you guys along with me every step of the way. You will see the shortlisted pitches, footage of the pitching process as well as my thought process and rationale behind each investment I am making with my own money. And then, as soon as I confirm my investment, the three winning businesses will go live on Crowdcube giving you the chance to invest alongside me in exactly the same deals. I believe start-ups are the backbone of our economy, I believe that now, more than ever, we need more job creation and more innovation, I believe that entrepreneurs, builders and disruptors need more access to growth capital, and I believe the businesses that succeed long term need to showcase business as a force for good in our world and need to be built, first and foremost, on community. The Next Unicorn was born from these beliefs as I look to take everything I have learned from building a remarkable business and help others do exactly the same.” The three winning companies will be flown out to Las Vegas to receive their investment from Watt at BrewDog’s rooftop site in the US city.