Big changes ahead as Revolution bars are set to close 21 venues, resulting in 591 job losses. 😢 The Revel Collective, the company behind Revolution and Revolución de Cuba, has made the tough call to close these sites after battling rising costs and a drop in consumer spending, particularly from younger patrons.
But it’s not all gloom and doom! 🌟 FTI Consulting, now administrators for The Revel Collective, have brokered deals to save 41 locations and secure 1,582 jobs. Neos Hospitality Group, known for Barbara’s Bier Haus and Bonnie Rogues, has snatched up the Revolution and Revolución de Cuba brands. Meanwhile, the newly-formed Coral Pub Company has acquired what’s left of the Peach Pubs business.
This move follows a rough patch for The Revel Collective, which previously shut 15 bars in 2024 to try turning things around. Despite these efforts, the financial crunch proved challenging, with a revenue dip and rising debts. 🚫
As they continue trading, the company is seeking to preserve value for all stakeholders and exploring potential sales. It’s a sign of the times for the hospitality industry, facing fluctuating consumer habits and economic pressures.
We’re hopeful for brighter days ahead for the staff and venues that are still part of this evolving scene. What are your thoughts on the closures? 💬 Let us know!