UK high street brand plunges into administration – 591 jobs lost | UK | News

The owner of Revolution bars will close 21 businesses with the loss of 591 positions after hiring managers.

Revel Collective will close 14 Revolution Bar locations, six Revolucion de Cuba stores and one pub in the Peach Pubs division, administrators announced.

The development comes after FTI executives approved a pair of deals that will protect the future of 41 sites and 1,582 roles after bosses issued a warning on Monday.

The Revolution and Revolucion de Cuba brands and assets have been acquired by Neos Hospitality Group, which operates the Barbara’s Bier Haus and Bonnie Rogues brands.

Meanwhile, Peach Pubs’ remaining business was acquired by the newly formed Coral Pub Company.

“Immediately following the appointment of the administrators, two sales transactions of the Group’s business and assets were completed: (i) the sale of Revolution, Revolucion de Cuba and Founders and Co to Neos Holdco Limited and certain of its subsidiaries operating under the Neos Hospitality name, and (ii) the sale of Peach bars to Coral Pub Company Acquisition Limited, founded by Ted Kennedy,” the statement said.

“These transactions secure the continuation of 20 Revolution, Revolucion de Cuba and Founders and Co bars and 21 Peach pubs, and protect 1,582 jobs and central support functions on the premises.

“Unfortunately, 14 Revolution, six Revolucion de Cuba and one Peach sites were not part of this transaction and these sites will be closed immediately, impacting 591 employees.”

The popular nightlife operator, known for its iconic venues, announced its intention to appoint administrators on Monday, while also suggesting discussions about a potential sale were “fairly advanced”.

Revel Collective is headed by former Pizza Express chef Luke Johnson. The group confirmed that discussions regarding a possible sale were ongoing and said it expected to make a further statement on this matter “in the coming days”.

The development comes approximately three months after the operator launched a strategic review and began a new sales process.

The company noted the difficult economic environment and the “cumulative impact of government interventions” which it claimed “have combined to hinder the business’s ability to improve its performance”.