Big news for pub-goers in Cardiff and Swansea! The Revel Collective, the company behind popular venues like Revolución de Cuba and Revolution in Cardiff, as well as Founders & Co in Swansea, has announced it’s entering administration.😮 This move comes as the company looks to protect its creditors and work through financial struggles.
Led by former Pizza Express chief Luke Johnson, the group has been negotiating a possible sale, with talks in advanced stages. They’ve been upfront about potential losses for shareholders as they try to keep the venues running and preserve as much value as possible.
Having faced tough times lately, including a 7.4% drop in takings and increasing borrowings, Revel Collective is committed to keeping doors open while working through this challenging period. The group operates around 62 locations across the country and employs over 3,000 staff, so they’re pulling out all the stops to secure a positive outcome.
Keep an eye out for more updates in the coming days. Fingers crossed for a turnaround! 🤞🍹