The parent company of the Revolution Bars chain has initiated a frantic race to sell its assets, setting a critical deadline for bids next week as it battles a deepening cash crisis. Shareholders have been warned they face being completely wiped out in any rescue deal.
Bid Deadline Looming for Struggling Group
Sky News has learned that The Revel Collective, which is listed on the London Stock Exchange, has instructed potential buyers to submit offers by January 9. The company is urgently seeking to conclude transactions to avert a potential collapse. The group, which also operates the Revolucion de Cuba brand and the 22-strong Peach Pubs business, trades from a total of 62 locations across the UK.
In a stark stock exchange announcement earlier this month, the company cautioned that investors were unlikely to see any return from the sales currently under consideration. The board also confirmed the suspension of trading in its shares, stating that an equity fundraising had been explored but lacked the necessary support.
Interest from Late-Night Giant Neos Hospitality
City sources indicate that Neos Hospitality, one of Britain's leading operators of late-night drinking venues, is among the parties to have expressed interest. It is understood Neos is eyeing a portfolio of the group's late-night bars, although the seriousness and scale of its interest remain unclear. FTI Consulting is advising on the formal sale process.
Separately, industry insiders have revealed that two other parties are in talks to acquire the Peach Pubs business. The Revel Collective, then known as Revolution Bars Group, acquired the gastropub chain in 2022 in a move to diversify its portfolio.
Shareholders Face Empty-Handed Outcome
The situation presents a bleak outlook for the company's shareholders. The warning that they face being left empty-handed underscores the severity of the financial predicament. The company's swift move to a sale process highlights the urgency with which the board is acting to secure a future for some, if not all, of its operating assets and preserve jobs.
A spokesperson for The Revel Collective declined to comment on the ongoing proceedings. The coming days will be crucial in determining the fate of the well-known bar and pub brands, with the January 9 deadline now a focal point for the beleaguered hospitality group.
