Major bar chain to close 25 more locations in bid to avoid collapse
TROUBLED Revolution Bars will close 25 more locations across the UK following approval in the High Court for a restructuring plan.
After the overhaul is completed, the company said it will operate 27 Revolution Bars, 15 Revolucion de Cuba bars, 22 Peach Pubs and one Founders & Co site – leaving it with 65 venues.
The company has fallen on hard times in recent years, as the cost of living crisis and young Brits drinking less has damaged sales.
It is hoped that the High Court ruling will draw a line under a difficult few months for the business.
Commenting today, executive Rob Pitcher said: “The group is now well diversified across the key brands, providing a more secure financial base and we look forward to the future with improved optimism.
"We know this has been a very difficult period for all of our teams both in our sites and in our support office and I’d like to thank them for their support and resilience.”
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Revolution Bars also made a string of closures of its worst performing pubs earlier this year.
Revolution said its trading in bars in recent months was “undoubtedly impacted by the uncertainty and distraction of the restructuring process”, which had been the main focus of its board of directors.
But it said it had met its target of achieving about £3 million in earnings, before measures like tax and interest, by the end of June.
The group is hoping its restructuring plan will put it back onto stronger financial footing, having been affected by the post-pandemic hit to the nightlife sector.