It comes after a potential rescue deal from bar owner Nightcap was rejected, after it was deemed ‘incapable of being delivered’ as it would require two separate funding rounds
Revolution Bars is set to shut down 12 venues within weeks in a major blow for customers.
It comes after the troubled drinks and restaurant chain launched a sales process and huge restructure in April to try and stay afloat. This included the closure of 18 venues and £12.5million in fundraising, as well as rent reductions on around 14 of its sites.
Revolution has now revealed to The Sun it will shutter 11 locations on August 11, including in Blackpool, Chester and Norwich. You can see the full list of closures below. A further site will close, or has already closed, but its location has not been confirmed. Revolution also runs the Revolucion de Cuba and Peach Pubs brands. The bar and pub chain said it has faced challenges from the Covid-19 pandemic, rising inflation, and staff shortages.
The cost of living crisis and regular train strikes affecting its younger customers have also hammered sales. In May, Revolution rejected a potential rescue deal from bar owner Nightcap, warning it was “incapable of being delivered” as it would require two separate funding rounds from Nightcap.
In response, Nightcap said its offer did not include a fixed fundraising amount and “at no point did Nightcap receive legal advice to suggest that this non-binding proposal was not capable of being delivered”. At the time of announcing its restructure, Revolution was reported to have been in talks with around 30 interested parties.
Nightcap said: “The board also believes that opportunities for further consolidation in the late night sector will continue to arise in the coming year as the sector moves from incremental M&A (merger and acquisition) activity to a fundamental structural transformation as many of the operators in the sector are going through significant change.”
Full list of Revolution Bar closures
