Revolution Bars has been given the go ahead to implement a restructuring plan that will see it exit more than a quarter of its bars, reduce its rental obligations and extend and amend its lending facilities.
The firm said the restructure would enable it to return to profitability at a “sustainable” level, delivering an annualised EBITDA improvement of around £3.8m
Following completion of the plan, the business will operate a total of 65 bars – 27 Revolution Bars, 15 Revolución de Cuba Bars, 22 Peach Pubs and one Founders & Co site – down from a portfolio of around 100.
The bar group has also refinanced its debt and securing £12.5m through a share offer.
Chief executive Rob Pitcher said: “The group is now well diversified across the key brands, providing a more secure financial base and we look forward to the future with improved optimism.”
Photo: © Revolution Bars Group
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