Revolution Bars seeks to exit leases and reduce rents in restructuring plan

31st May 2024 | Jack Oliver

Revolution Bars has launched a restructuring plan which could see it exit leases reduce rents at certain venues.

The group – which operates the Revolution, Revolucion de Cuba, and Peach Pubs brands – said the plan includes amending and extending the its secured lending facilities, exiting the leases of certain loss-making sites, and proposing rent reductions on certain sites to enable them to sustainably return to profitability.

The hospitality operator said its board believes the restructuring plan is in the best interest of all stakeholders.

This comes as Revolution Bars concludes its formal sales process, which it said did not result in any proposals being made in relation to the acquisition of the company’s entire share capital.

However, Revolution Bars said its mergers and acquisitions process – which saw the company receive proposals for the acquisition of some of its subsidiaries – will progress if the fundraising is unsuccessful, and the restructuring plan is no longer capable of being progressed.

Earlier this week, hospitality company Nightcap announced it had pulled out of a potential bid for Revolution Bars. The group had submitted a proposal earlier this month which it said presented “an improved outcome for Revolution Bars’ shareholders”.

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