Jan 27 (Reuters) - British pub operator Revel Collective said on Tuesday it has appointed administrators and agreed sales to two buyers, securing the future of 41 venues and 1,582 jobs at the group.
Revel Collective Enters Administration, Shutting Down 21 Pubs
Revel Collective's Administration and Job Losses
Jan 27 (Reuters) - British pub operator Revel Collective said on Tuesday it has entered administration, with 41 venues and 1,582 jobs transferred to new owners, while 21 sites will close with the immediate loss of 591 jobs.
Details of Venue Sales
Revel Collective's collapse adds to mounting pressure on Britain's pub sector, which has been lobbying the government for relief after Finance Minister Rachel Reeves' November budget outlined business rates changes that will bring about 5,000 smaller pubs into the tax net for the first time.
Impact on Employees
The company said it sold 20 venues across its Revolution, Revolucion de Cuba and Founders & Co brands to rival Neos Hospitality, and 21 Peach pubs to Coral Pub Company.
Challenges in the Pub Sector
"Regrettably 14 Revolution, six Revolucion de Cuba and one Peach site did not form part of the transaction and those sites are being closed with immediate effect impacting 591 employees," it said in a statement.
Revolution bars, colloquially known as "Revs", have been around since 1996, while the Latin-inspired Revolución de Cuba brand was created in 2011.
The company, previously known as Revolution Bars Group, has been struggling with persistent inflationary pressures and shifting consumer spending habits, which have left it unable to sustain parts of its businesses or attract buyers for its entire portfolio despite efforts to sell the company as a whole.
(Reporting by Nithyashree R B and Yadarisa Shabong in Bengaluru; Editing by Tasim Zahid)
