Revolution Bars Group has announced it is considering a CVA after the company admitted it is “exacerbated “ by the further COVID-19 related restrictions announced by the Government last week.
In a statement the board of Revolution confirmed that it “has been working with advisers to assess various strategic options for the group”.
It said: “The board is currently evaluating the potential impact of the latest developments on the Group’s business before deciding what the next steps should be”.
“One of the potential options being explored is a reduction in the size of the Group’s estate by the implementation of a company voluntary arrangement (“CVA”).”
Revolution pubs has over 76 venues across the UK and employs over 3,000 people.
The company also stated it had a “strong balance sheet” following the £15m equity fundraising and the extension of its banking facilities that it announced in June.
The statement concluded: “The board believes that the long term nature and potential impact of the latest operating restrictions means that it must consider all necessary options to ensure that its business remains viable.”
