The owner of Revolution bars has made the decision to close down 21 establishments, resulting in 591 job losses after appointing administrators. The Revel Collective, under administration, will be shutting down 14 Revolution Bars locations, six Revolucion de Cuba sites, and one pub from its Peach Pubs division. This action was taken by administrators from FTI following a warning issued by the company’s management on Monday. However, two deals have been finalized to secure the future of 41 venues and 1,582 jobs. Neos Hospitality Group has acquired the Revolution and Revolucion de Cuba brands, while the remaining Peach Pubs business has been purchased by the newly-formed Coral Pub Company.
The recent statement from the administrators confirmed the completion of the sale transactions, ensuring the continuation of 20 bars under Revolution, Revolucion de Cuba, and Founders & Co, as well as 21 Peach pubs, safeguarding 1,582 jobs. Unfortunately, 14 Revolution Bars, six Revolucion de Cuba sites, and one Peach location were not included in the transactions and will be closed immediately, affecting 591 employees.
The popular nightlife business, known for its iconic venues, had announced plans to appoint administrators earlier in the week, with discussions on a potential sale already in progress. Revel Collective, led by former Pizza Express executive Luke Johnson, expressed hopes for a positive outcome in the upcoming days. This development follows a strategic review initiated by the company a few months ago, attributing its challenges to tough economic conditions and the combined impact of government interventions on its performance.
