It has filed to enter administration
As many as 2,200 jobs are at risk, as the owner of Revolucion de Cuba and Peach Pubs is to go into administration.
The parent company with 62 pubs and bars across Britain, Revel Collective, put itself up for sale in October after facing what it called “a continued period of external challenges”.
According to the company, discussions with a buyer are “well advanced” but it had filed to enter administration.
The shareholders in the company are to be left with nothing after the sale, the company said on Monday.
The company’s pubs and bars also include the Revolution bar chain affectionately known as “Revs”, and they will stay open through the process.
However, it has been suspended from trading on London’s junior AIM stock exchange.
Administrators for Revel Collective will be appointed within 10 days, the company said in a statement.
It also confirmed the deals being considered will wipe out shareholders and that it was entering administration to “protect creditors”, such as banks.
The company said in December that it was publicly linked with hospitality groups including bar and club owner Neos Hospitality, and that it had found “a significant number” of potential buyers.
Last autumn, when it put itself up for sale, Revel Collective blamed “challenging economic conditions” and decisions taken by Chancellor Rachel Reeves in Labour’s first Budget after coming to power in 2024.
An announcement on a sale is expected in the coming days.
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