Revolution Bars to close 25 venues in bid to avoid collapse
9 August 2024, 16:14 | Updated: 9 August 2024, 16:29
Up to 25 Revolution Bars could be closed following the approval of the brand’s restructuring plan.
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The boss of the faltering Revolution Bars has said he is “very pleased” following the High Court's approval of the brand’s restructuring plan, which could result in the closure of around 25 locations.
The struggling bar chain needed the courts to sanction an overhaul plan which it hopes will stave off insolvency.
This plan will see Revolution end the leases of several loss-making venues across the UK.
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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 in total.
This is compared to 89 sites, including 46 Revolution Bars, at the end of the 2023 financial year.
Chief 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."
Despite plans to close these venues, Revolution said it had met its target of achieving about £3 million in earnings, before measures like tax and interest, by the end of June.
Revolution Bars said it had been hit hard by the cost-of-living crisis and train strikes in recent months
The chain has also reportedly struggled to lure a new generation of young customers through its doors in the wake of the Covid-19 pandemic.
