Revolution Bars owner plots swift sale as cash crisis deepens

The London-listed institution down the Revolution bars concatenation has acceptable a deadline for bids adjacent week aft informing shareholders that they look being wiped retired arsenic portion of a deal.

Sky News understands that The Revel Collective, which besides owns 22 Peach Pubs and bars trading nether the Revolucion de Cuba name, has told bidders to taxable offers by January 9 arsenic it races to reason a deal.

City sources said that Neos Hospitality, 1 of Britain's starring operators of late-night drinking venues, was among the parties which had expressed involvement successful buying immoderate of The Revel Collective's sites.

In total, the institution trades from 62 locations but is facing the imaginable of illness if it does not finalise transactions to merchantability its assets.

It warned successful a banal speech announcement earlier this period that investors were improbable to spot immoderate instrumentality from the transactions nether consideration.

The institution besides announced the suspension of trading successful its shares.

"The enactment of an equity fundraising has been considered but the Board has concluded it does not person the indispensable enactment for specified a transaction," it added.

Industry insiders said that 2 parties were successful talks to bargain the Peach Pubs business, which The Revel Collective - past known arsenic Revolution Bars - acquired successful 2022.

Neos Hospitality is said to beryllium funny successful a portfolio of the group's late-night venues, though the grade and seriousness of its overtures was unclear connected Wednesday.

FTI Consulting is advising connected the ceremonial merchantability process.

A spokesperson for The Revel Collective declined to comment.