Revolutions bars are set to shut a further 25 locations across the UK, as the High Court approves its restructuring plan.
The struggling company announced that after the changes they will operate 65 venues, including 27 Revolution Bars, 15 Revolucion de Cuba bars, 22 Peach Pubs and one Founders & Co site – this is down from 90 venues at the start of the year.
This comes as the hospitality business manages to stave off insolvency once more, to raise £12.5m in emergency funding.
Executive Rob Pitcher said today: ‘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.’
Revolution will close eight bars across England as it warned that its younger customers are still feeling the strain from rapid increases in the cost of living
Back in January the chain was forced to close eight bars across England as it warned that its younger customers are still feeling the strain from rapid increases in the cost of living
Previously Revs put itself on the market, but then withdrew from the process, to follow a restructure of the business instead.
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.
Back in January the chain was forced to close eight bars across England as it warned that its younger customers are still feeling the strain from rapid increases in the cost of living.
The company said that Revolution Bar sites in Beaconsfield, Derby, Reading, St Peters Liverpool and Wilmslow would close and that it was working to try to redeploy staff from these sites.
It will also close two Revolucion de Cuba sites in Sheffield and Southampton and the Playhouse in Newcastle-Under-Lyme.
It comes despite the company reporting its best Christmas trading period since 2019, before the Covid-19 pandemic hit, forcing bars across the country to close.
Revolution joins a number of other boozer chains that have recently had to close its branches after being hit with rising costs brought on by high inflation.
In September 2023 JD Wetherspoon put 11 of its pubs up for sale – after closing down dozens of boozers earlier in the year. This included branches in Chesterfield, Doncaster and Cardiff.
Wetherspoon boss Tim Martin said customers are opting to stay at home and drink cheap supermarket beer instead of going out to their local pubs.
In September 2022, the chain announced it would be closing 32 of its pubs, branding it a ‘commercial’ decision as it started to face large bills.