Revolution, a well-established bar with sites in major cities across the UK, has announced that at least 130 jobs are at risk as talks with creditors begin next month.
And it turns out the 10pm curfew is to blame, with reports stating that the new rules are hindering the bars sales, with revenue down by around a third. The company, Revolution Bars Limited, has said they will close six bars – with further details yet to be announced on which bars will be cut. The chain will also reduce rent on another seven venues as part of a proposed company voluntary arrangement (CVA) that will be voted on at a meeting on November 13.
The businesses sales were on the rise before the curfew was implemented, with figures at nearly 78% of last year’s levels. Since curfew started, however, figures have dropped 49.4%, says the company.
Revolution Bars chief executive Rob Pitcher explained: “Throughout this extended period of distress caused by Covid-19, the group has sought to prioritise the health and wellbeing of its staff and customers, minimise its cash consumption, maintain good levels of liquidity to ensure its ongoing viability and to be in a position to take advantage of opportunities that may arise once restrictions are lifted.
“The CVA proposed by the group’s Revolution Bars Limited subsidiary entity, if agreed by landlords, is another proactive step to lower outgoings to help safeguard the future of the group and improve long-term performance.”
There are currently 50 Revolution sites across the UK, with 2,500 currently employed by the company.
