SOME of Revolution Bar Group’s sites could be forced to close down in a blow for punters.
The bar group, which owns Revolution Bars as well as chains including Peach Pubs and Revolución de Cuba, has announced plans to restructure.
1
It could see 12 of its bars close down permanently as it bids to shore up its finances, after six shuttered already.
The firm also said it was considering putting itself up for sale.
In March, the bar group was reportedly looking at shutting the doors on around 20 of its worst-performing pubs.
There was said to be proposals to axe around around a quarter of its venues to stay afloat.
Read more in Money
In its latest announcement the bar group said it was looking to raise up to £12.5million through fundraising to help it return to profitability.
But if it does not go ahead with the fundraise it could face “liquidity pressures” next year, it said.
It comes after the group revealed it was dealing with the cost of living hitting customers’ finances and train strikes affecting its younger clientele.
The bar and pub chain also said it was struggling following pressures caused by the Covid-19 pandemic, rising inflation and staff shortages.
Most read in Money
The group is yet to reveal the list of 12 bars earmarked for closure, and the six that already have shut.
But here is a list of four of its brand name’s bars which could close down.
Slug & Lettuce bars among thousands of pubs at risk of closure as Britain’s biggest boozer company races to plug debts
Revolution
- Aberdeen
- Bath
- Blackpool
- Bournemouth
- Brighton
- Bristol
- Cambridge
- Cardiff
- Cheltenham
- Chester
- Durham
- Exeter
- Glasgow, Mitchell Street
- Glasgow, Renfield Street
- Huddersfield
- Inverness
- Ipswich
- Leeds, Call Lane
- Leeds, Electric Press
- Leicester
- Liverpool, Albert Dock
- London, Leadenhall
- Manchester, Deansgate Locks
- Manchester, Oxford Road
- Manchester, Parsonage Gardens
- Milton Keynes
- Newcastle-upon-Tyne
- Norwich
- Nottingham, Cornerhouse
- Nottingham, Hockley
- Plymouth
- Preston
- Sheffield
- Southampton
- Southend-on-Sea
- Stafford
- Torquay
- Wigan
- York
Revolución de Cuba
- Aberdeen
- Belfast
- Birmingham
- Cardiff
- Derby
- Glasgow
- Harrogate
- Leeds
- Liverpool
- Manchester
- Milton Keynes
- Newcastle
- Norwich
- Nottingham
- Reading
Founders and Co
Peach Pubs
- Leamington Spa, Warwick Street
- Leamington Spa, Southam Road
- Stratford-upon-Avon
- Warwick
- Kenilworth
- Edgbaston
- Maidenhead
- Cumnor
- Thame, Oxon
- Thame
- Witney
- Oxford
- Woburn
- Salford
- Bedford
- Radlett
- Hatching Green
- Brookmans Park
- Albury
- Leatherhead
- Eversley Cross
- Cranleigh
What else is happening in the hospitality industry?
Food and drink chains in general have been suffering in recent months as the cost of living has led to fewer people spending on eating out.
Businesses had been struggling to bounce back after the pandemic, only to be hit with soaring energy bills and inflation.
Multiple chains have been affected, resulting in big-name brands like Wetherspoons and Frankie & Benny’s closing branches.
Some chains have not survived, Byron Burger fell into administration last year, with owners saying it would result in the loss of over 200 jobs.
Pizza giant, Papa Johns is shutting down 43 of its stores by next month.
Retailers closing stores in 2024
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.
High energy costs and a move to shopping online are also taking a toll, and many high street shops have struggled to keep going.
Here’s a list of all the big-name brands closing stores this year:
- Argos – The brand announced plans to close 100 standalone UK branches last year as it looks to move away from the high street and focus on expanding its presence in supermarkets.
- B&Q – The chain has over 300 shops across the UK, so chances are you have one near you, but some stores have closed in recent months.
- Boots – The health and beauty chain announced that it would be closing 300 stores last July. Closures are ongoing and this will see the retailer’s estate reduced from 2,200 to 1,900 shops.
- Clintons – Clintons mulled plans to close 38 shops in a bid to avoid insolvency late last year. We’ve listed the stores affected.
- Costa Coffee – The caffeine giant has around 2,000 sites nationwide, so chances are you’ll have one near you. The chain has shut the doors to dozens of its sites recently. We’ve revealed which stores are due to close this year.
- Iceland – The supermarket has more than 900 stores but closed nearly two dozen sites in 2023, and more selected shops are due to shut.
- Lidl – The supermarket, which has 950 stores, is changing up shop locations, which has meant that some stores have to close. But the retailer is also looking to open 12 new supermarkets.
- M&S – M&S, which runs 405 stores across the country, has been closing a string of branches across the country in a blow for shoppers. It’s not all bad news, though, because the chain also has big plans to open dozens of new shops as well.
- Trespass – The firm announced in July last year that it was closing six branches, but more are on the way.
- WHSmith – The retail giant, which runs over 1,100 stores, has shuttered eight stores since March 2023, but more are coming.
Tasty, the owner of Wildwood, said it will shutter the sites as part of major restructuring plans.
The brand plans to close 20 loss-making restaurants after a “challenging” start to the year.
READ MORE SUN STORIES
Britain’s biggest pub company, Stonegate, has raised fears about its survival as it races to plug its debts.
Stonegate owns 4,432 sites across the UK under the Slug & Lettuce, Be at One, Sports Bar & Grill brands and 350 traditional style pubs under its “Proper Pubs” banner.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
This post first appeared on thesun.co.uk
