Revolution owner to close 21 sites following sale
The Revel Collective has formally appointed administrators and sold its brands and 20 sites to new owners.
The group, which operates the Revolution, Revolucion de Cuba, Founders & Co and Peach Pubs brands, appointed Lindsay Hallam, Matthew Callaghan and Oliver Wright of FTI Consulting LLP as joint administrators yesterday (27 January) following an announcement of its intentions on the same day.
On appointment, the administrators completed two sales for the business: first, the sale of the Revolution, Revolución de Cuba and Founders & Co brands to Neos Hospitality; and second, the offloading of the Peach Pubs brand to the Coral Pub Company.
Neos Hospitality operates 24 venues across England and Wales, including Barbara’s Bier Haus, Bonnie Rogues and Circuit. It was formerly known as Rekom UK, but rebranded after the entity parted ways with its parent group following administration.
As part of the two sales, 20 Revolution, Revolución de Cuba and Founders & Co sites have been saved, as well as 21 Peach pubs and 1,582 jobs.
Another 14 Revolution, six Revolución de Cuba and one Peach sites were not included in the transaction and closed with immediate effect. The move resulted in the loss of 591 roles.
The affected Revolution sites are: Manchester (Oxford Road), Huddersfield, Leicester, Glasgow (Renfield Street), Cardiff, Nottingham, Leeds, Sheffield, Ipswich, Manchester (Parsonage Gardens), Plymouth, Durham, Exeter and Preston.
Meanwhile, the closing Revolución de Cuba sites are: Cardiff, Derby, Liverpool, Reading, Harrogate and Aberdeen.
The only Peach Pubs venue to close is The Almanack in Kenilworth.
Following the transaction and appointment of the administrators, the formal sales process was terminated and Cavendish Capital Markets Limited resigned as nominated adviser and broker to the company.
The company has temporarily suspended its shares on the AIM and has no intention of appointing a new nominated adviser in order to relist its securities.
The Revel Collective is one of the major casualties in the UK on-trade recently. The government yesterday introduced a support package for pubs to help mitigate the rising costs of business rates.
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