Revel Collective enters administration with loss of 600 jobs

(Sharecast News) - The Revel Collective has gone into administration with the loss of nearly 600 jobs, the embattled pubs and bars group confirmed on Tuesday, after offloading a number of sites.

Revel said that it had formally appointed FTI Consulting, with the administrator then immediately completing the sale of 20 Revolution, Revolucion de Cuba and Founders & Co bars, and 21 Peach pubs.

The sale, to two separate buyers, would protect 1,582 jobs, Revel said. Financial terms were not disclosed. However, another 581 jobs have been lost after Revel's remaining 21 sites were closed with immediate effect.

Revel has long battled growing debts, higher costs, cautious consumer spending and falling revenues. It sought to reverse its fortunes in 2024 with a major restructuring, including shutting 15 unprofitable bars and changing its name from Revolution Bars Group.But the revamp failed to take hold and in October last year the AIM-listed firm put itself up for sale.

The Coral Pub Company, which was founded by Ted Kennedy earlier this month, is buying the 21 Peach pubs, while Neos Hospitality is acquiring the other 20 sites.

Founded in 2024, Neos currently owns 19 destination sites, including the Barbara's Bier Haus and Bonnie Rogues chains. Kennedy is a former managing director of Whitbread's managed pubs division.

Shares in Revel were suspended last December. Revel confirmed that its nominated advisor Cavendish Capital Markets had resigned with immediate effect and that the stock would now be cancelled, likely by the end of February.

The government announced a £80m package of measures on Tuesday aimed at helping the pubs sector, including a 15% discount on business rates.