Revolution bar owner The Revel Collective has filed a notice of intention to appoint administrators and have appointed FTI Consulting.
The popular bar chain will axe 591 jobs and will close 21 sites, a last-minute rescue deal has secured the future for 41 sites and will save 1,582 jobs.
Neo Hospitality Group has bought the Revolution and Revolucion de Cuba, who also owns Barbara’s Bier Haus and Bonnie Rogues.
Sky News reported they said in a statement “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 & 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.
The transactions secure the continuation of 20 Revolution, Revolucion de Cuba and Founders & 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 site did not form part of the transaction and those sites are being closed with immediate effect impacting 591 employees.”
