The proprietor of Revolution bars will shutter 21 institutions with the lack of 591 positions after bringing in directors.
Administrators revealed The Revel Collective will shut 14 Revolution Bars areas, six Revolucion de Cuba shops and one pub inside its Peach Pubs division.
This growth adopted directors from FTI confirming a pair of agreements which can safeguard the way forward for 41 websites and 1,582 positions after bosses issued a warning on Monday.
The Revolution and Revolucion de Cuba manufacturers and property have been acquired by Neos Hospitality Group, which operates the Barbara’s Bier Haus and Bonnie Rogues manufacturers.
Meanwhile, the remaining Peach Pubs operation has been bought by the newly-established Coral Pub Company.
“Immediately on appointment, the Administrators completed two sale transactions for the business and assets of the Group: (i) a sale of Revolution, Revolucion de Cuba and Founders and Co to Neos Holdco Limited and certain of its subsidiaries, trading as Neos Hospitality and (ii) a sale of Peach pubs to Coral Pub Company Acquisition Limited, founded by Ted Kennedy”, an announcement learn.
“The transactions secure the continuation of 20 Revolution, Revolucion de Cuba and Founders and Co bars and 21 Peach pubs and protect 1,582 jobs across the sites and central support function.
“Regrettably 14 Revolution, six Revolucion de Cuba and one Peach web site didn’t type a part of the transaction and people websites are being closed with instant impact impacting 591 staff.”
The popular nightlife operator known for its iconic venues revealed its intention to appoint administrators on Monday, whilst suggesting discussions regarding a potential sale were also “effectively superior”.
Revel Collective is chaired by former Pizza Express chief Luke Johnson. The group confirmed it was in continuing talks over a possible sale, stating it anticipates making a further announcement about this “within the coming days”.
The development arrives approximately three months after the operator initiated a strategic review and commenced a fresh sales process.
The company pointed to the challenging economic climate and the “cumulative impression of presidency interventions” which it claims have “mixed to thwart the enterprise’ capacity to enhance efficiency”.
https://www.express.co.uk/news/uk/2164930/revel-collective-appoints-administrators-21-revolution-bars-closing-full-list