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The Revel Collective, the London-listed owner of the Revolution bars chain, has reportedly set a deadline of 9 January for bids for parts of its business as it races to avert collapse, according to Sky News.
The company, which also owns 22 Peach Pubs and bars trading under the Revolution de Cuba brand, has warned shareholders that they are unlikely to receive any return from a sale process and that their holdings could be wiped out as part of a deal.
City sources told Sky News that Neos Hospitality, one of the UK’s largest operators of late-night venues, was among the parties to have expressed interest in buying some of the group’s sites.
However, the extent and seriousness of its interest remained unclear.
Sky News has learnt that The Revel Collective, which trades from 62 locations, is facing mounting financial pressure and has said it must complete asset sales to avoid insolvency.
In a stock exchange statement earlier this month, the company said it had suspended trading in its shares and ruled out a fundraising.
It said: “The option of an equity fundraising has been considered but the board has concluded it does not have the necessary support for such a transaction.”
According to Sky News, industry sources said two parties were in discussions to acquire the Peach Pubs business, which The Revel Collective, then known as Revolution Bars, bought in 2022.
Neos Hospitality is understood to be focused on a portfolio of the group’s late-night venues, although no agreement has been reached.
FTI Consulting is advising The Revel Collective on the formal sale process.
The Revel Collective, Neos Hospitality and FTI Consulting have been contacted for comment.
