Revolution Bars gives go ahead to restructuring plan

Revolution Bars Group has announced the completion of its fundraising and restructuring plan which is set to go ahead as planned on 3 September.

As previously announced, the plan, which was launched on 31 May, will enable the company to restructure certain of its liabilities. This includes amending and extending the group’s secured lending facilities, exiting the leases of certain loss-making sites, and implementing necessary rent reductions on certain other sites to enable them to return to profitability at a sustainable level. 

The board expects the plan to deliver a significant annualised EBITDA improvement of £3.8m.

The objective of the plan is to restore the company and the group to financial stability providing a platform for recovery from the trading challenges caused in recent years by the structural changes to the late night bars market following the Covid pandemic. 

Following completion of the Plan, the business will operate 27 Revolution Bars, 15 Revolución de Cuba Bars, 22 Peach Pubs and one Founders and Co site.

At the time of the restructuring plan announcement, Rob Pitcher, CEO of Revolution Bars Group, said: “We are very pleased that the Court has sanctioned the Restructuring Plan for Revolution Bars Limited. 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.

“We know this has been a very difficult period for all of our teams both in our sites and in our Support Office and I’d like to thank them for their support and resilience. I would also like to thank the Group’s wider stakeholders for their support, including our secured lender, current shareholders, our new and existing shareholders who have participated in the Fundraising and all our advisors who have assisted us in the development of  the plan.”