A POPULAR bar chain could be sold as soon as next week amid fears it is teetering on the edge of administration.
The Revel Collective, which owns Revolution Bars, has told bidders to submit offers by January 9 as it races to secure a deal, according to Sky News.
It is understood that Neos Hospitality, one of Britain’s biggest operators of late-night drinking venues, has expressed interest in buying some of The Revel Collective’s venues.
Revolution Bars, which has 62 locations, is facing the prospect of collapse if it doesn’t finalise transactions to sell its assets.
The news comes after the chain put itself on the market for a potential sale in October after suffering from tumbling sales.
Revel Collective, which also owns the Revolucion de Cuba and Peach Pubs brands, has been struggling for years.
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The company has blamed the pandemic, younger customers drinking less and Government changes announced in the Budget for declining footfall.
Revolution Bars was forced to close 36 sites last year after the High Court approved a restructuring plan for the business.
Meanwhile, bosses have previously warned that revenue has been lower than expected because of weaker consumer spending.
The company also previously launched a formal sales process in April 2024.
It cited a drop in the number of customers coming through its doors.
At the time it was reported to have been in talks with around 30 interested parties.
But the chain rejected a proposed offer from rival Nightcap then closed its formal sales process.
When it closed the sales process it warned creditors that the group faced administration if its restructuring plans were not backed.
The Revel Collective was approached for comment.
What’s been happening at Revolution?
At the beginning of 2024, Revel Collective (then known as Revolution Bars Group) said it had had its best Christmas trading period for four years.