Growth Battle Bar slows down growth plans over falling gross sales

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Your assist makes all of the distinction. Learn extra XP Manufacturing unit, the corporate behind fashionable escape rooms and experiential bars, has issued a warning that it expects to overlook its gross sales and revenue targets, citing "difficult" market circumstances.

The announcement despatched shares within the London-based leisure group tumbling in early buying and selling on Monday.

The agency additionally revealed plans to cut back new venue openings as client spending stays weak.

Its Growth Battle Bar model, recognized for actions reminiscent of augmented actuality darts and Bavarian axe throwing, has been notably impacted by market pressures.

Like-for-like gross sales for Growth declined over the festive interval and into the brand new yr, though new openings offered some offset.

Regardless of a 2.5 per cent rise in total gross sales at its owned and operated Growth websites, this was overshadowed by a 7.2 per cent like-for-like gross sales drop within the 13 weeks to twenty-eight December in comparison with the earlier yr.

Sturdy company bookings had been finally inadequate to counter the decline in client spending.

<img src="https://static.independent.co.uk/2024/12/05/15/05151028-3ad86d97-7179-4f68-a3f3-2677c215bb99.jpg" srcset="https://static.independent.co.uk/2024/12/05/15/05151028-3ad86d97-7179-4f68-a3f3-2677c215bb99.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2024/12/05/15/05151028-3ad86d97-7179-4f68-a3f3-2677c215bb99.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Boom Battle Bar brand, known for activities such as augmented reality darts and Bavarian axe throwing, has been particularly impacted by market pressures" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Growth Battle Bar model, recognized for actions reminiscent of augmented actuality darts and Bavarian axe throwing, has been notably impacted by market pressures (XP Manufacturing unit/PA) In distinction, XP Manufacturing unit's Escape Hunt venues carried out higher, with whole gross sales up 10 per cent and like-for-like development of 6.4 per cent, additionally benefiting from new websites.

The model benefited from new openings in Canterbury, Kent and Sheffield, South Yorkshire.

Nevertheless, the group stated it's “moderating” the tempo of its new web site openings attributable to uncertainty brought on by market circumstances.

It stated it nonetheless believes it might develop the Escape Hunt enterprise to round 100 venues throughout the UK regardless of slowing down openings.

XP Manufacturing unit stated weaker client confidence means it expects revenues and earnings to overlook targets for the present monetary yr, with earnings earlier than curiosity, tax, depreciation and amortisation set to be between £5 million and £6 million.

It added that it has been impacted by will increase to the nationwide residing wage and nationwide insurance coverage contributions final yr however has not been in a position to “absolutely mitigate” the affect of upper prices attributable to client weak point.

<img src="https://static.independent.co.uk/2024/12/04/09/04093345-911ff094-d90c-4aa7-9b77-d109e686f0e4.jpg" srcset="https://static.independent.co.uk/2024/12/04/09/04093345-911ff094-d90c-4aa7-9b77-d109e686f0e4.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2024/12/04/09/04093345-911ff094-d90c-4aa7-9b77-d109e686f0e4.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Boom Battle Bar benefited from new openings in Canterbury, Kent and Sheffield, South Yorkshire" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Growth Battle Bar benefited from new openings in Canterbury, Kent and Sheffield, South Yorkshire (XP Manufacturing unit/PA) Richard Harpham, chief government of XP Manufacturing unit, stated: “In opposition to a backdrop of well-documented trade challenges, we've continued to outperform the broader experiential leisure market and make progress in opposition to our strategic targets.

“Whereas near-term buying and selling inside Growth has been impacted by market pressures, with sturdy market positions and a compelling UK development runway, we stay nicely positioned to emerge as a long-term winner because the sector continues to consolidate.”