Rescue deals completed as bar group enters administration

The group behind the Revolution, Revolucion de Cuba and Peach Pubs bar brands has fallen into administration, with a pair of rescue deals saving the majority of its sites. The Revel Collective’s collapse has resulted in the closure of 21 sites, but two sale transactions have secured the future of the remaining 41 sites, saving around 1,600 jobs.

Lindsay Hallam, Matthew Callaghan and Oliver Wright of FTI Consulting LLP were appointed as joint administrators of The Revel Collective Plc. Immediately on appointment, the joint administrators completed two transactions for the sale of the group’s business and assets.

The deals see Neos Holdco Limited and certain of its subsidiaries, trading as Neos Hospitality, acquire Revolution, Revolucion de Cuba and Founders & Co, while Peach pubs has been acquired by Coral Pub Company Acquisition Ltd. As a result of the deals, the future of 20 Revolution, Revolucion de Cuba and Founders & Co bars has been secured, along with 21 Peach pubs.

However, the transactions did not include 14 Revolution, six Revolucion de Cuba and one Peach site, resulting in their immediate closure and the loss of 591 jobs. The bars that have closed include locations in Manchester, Glasgow, Cardiff, Nottingham, Leeds, Liverpool and Leicester, among others.

The company’s administration came shortly after it filed a notice of intention (NOI) to appoint administrators, following discussions with its secured lender. Prior to this, The Revel Collective had been actively pursuing a sale process since October 2025.

In the year to June 29 2024, The Revel Collective Plc reported revenue of £149.5 million, down from £152.6 million a year earlier, while adjusted EBITDA more than halved from £6.6 million to £3 million. Ultimately, the company’s pre-tax losses increased sharply from £22.2 million to £36.7 million.

According to the company, efforts to secure a sale resulted from the impact that the cost-of-living crisis had taken on its younger customer base. Prior to seeking a sale, the group had undertaken a restructuring in August 2024 which saw 15 unprofitable bars close.

In its latest accounts, the company’s non-current assets were valued at £75.1 million and current assets at £16.2 million. Its net liabilities, however, stood at slightly over £82.1 million.

Speaking to Business Sale Report, Nick Stockley, partner at Mayo Wynne Baxter, said: “The Revel Collective’s demise is clearly a result of a combination of factors, many of which are outside of its control. Revel is always going to be exposed to the fluctuations of a fickle market but there appears to have been a seismic effect from tax rises and clientele lifestyle changes.”

“Placing Revel into administration means there is a chance something can be salvaged and it places some protection on the company until any government help arrives. There will be some value in the company’s goodwill and there will be profitable outlets that will be of interest to buyers.”

“Therefore, the administration process will offer a better return for creditors than liquidation. It also gives the company a chance to redistribute employees, keep the more profitable venues running and generally keep the brand afloat.”

“Given the losses, Revel has little option but to go into an insolvency measure such as administration. Only time will tell if the restructure will be a long-term success. It seems most likely that Revel will remain on a significantly reduced scale for now. The challenge is going to be retaining any place in a market that is already suffering.”

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