Copyright birminghammail
A major UK bar chain has announced it has put itself up for sale, placing dozens of popular venues at risk of closure. Revel Collective, the owner of Revolution Bars, Revolución de Cuba, and Peach Pubs, has launched a strategic review into funding and other options to avoid collapse after grappling with falling sales, reports Express.co.uk. The group, which operates 62 bars across the UK including Revolución de Cuba on Temple Street in Birmingham , said that it has hired advisers to explore a potential sale, although no discussions are currently taking place with prospective buyers. READ MORE: Major update on Poundland store future after 57 branches close Get breaking news on BirminghamLive WhatsApp , click the link to join Revel Collective has faced growing challenges in recent years, citing the impact of the pandemic, changing drinking habits among younger customers, and economic pressures following changes in the Government’s latest Budget. The company said trading has been “weaker than expected” since July, blaming reduced consumer spending and unusually warm weather that impacted footfall in its bars. In a statement to shareholders, chiefs said revenue declines had been “particularly evident” among its younger demographic. The business has gone through a turbulent period of restructuring and closures. In 2023, 36 Revolution bars shut their doors after the High Court approved a major rescue plan for the company. Earlier this year, it warned that dozens more venues remained “at risk of closing” as it looked to cut costs and delay refurbishments. Revel Collective, which was known as Revolution Bars Group until early 2024, had previously launched a formal sales process in March last year amid declining visitor numbers. At the time, the company reportedly spoke to around 30 potential buyers but later rejected an offer from rival chain Nightcap and closed the process. When that sale fell through, the group warned creditors that administration was possible if its restructuring plans were not approved. The company did see a brief recovery over Christmas 2023, describing the festive period as its best trading performance in four years. However, financial pressures continued into 2024. In April, the group had its shares temporarily suspended from the London Stock Exchange after delaying publication of its results. Trading resumed shortly after, with shares jumping 40 percent following the suspension’s lift. Since then, Revel Collective has implemented a series of cost-cutting measures, including rent reductions at 14 sites and raising £12.5 million from investors. Despite those efforts, the group announced further closures over the summer, shutting 11 bars in August before confirming another 25 would follow a month later. With the company now once again seeking buyers, the future of one of Britain’s most recognisable nightlife brands hangs in the balance.
