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Full List of Revolution Bars Closing as Owner Enters Administration
The Revel Collective filed to appoint administrators amid a cash crisis and 7.4% revenue drop, with 21 bars closing and 1,582 jobs protected under ongoing sale talks.
- On Tuesday, The Revel Collective filed a notice to appoint administrators to protect creditors and confirmed sale discussions were well advanced.
- After a major 2024 restructure that closed 15 bars, The Revel Collective reported revenues fell 7.4% to £26.3 million and debts rose to £25.3 million from £22.1 million.
- Administrators confirmed 21 venues will close immediately, impacting 591 jobs, while FTI Consulting completed sales securing 41 sites and protecting 1,582 jobs with transfers to Neos Holdco Limited and Coral Pub Company Acquisition Limited.
- The Revel Collective board warned shareholders face likely wipeout and said administrators intend to be appointed within 10 business days unless circumstances change.
- The group, which runs around 62 sites and employs just over 3,000 workers as of June 2024, will keep some Scottish locations open while the firm has been suspended from trading on London's AIM market.
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Revolution Bars owner Revel Collective moves toward administration
Revel Collective, the owner of Revolution Bars, is set to appoint administrators, creating uncertainty over the future of the UK bar chain.The post Revolution Bars owner Revel Collective moves toward administration appeared first on Verdict Food Service.
Coverage Details
Total News Sources19
Leaning Left1Leaning Right1Center13Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
C 87%
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