The Revel Collective was formally placed into administration today (27 January) with joint administrators Lindsay Hallam, Matthew Callaghan and Oliver Wright of FTI Consulting completing two transactions:
NEOS Hospitality has acquired 20 bars across the Revolution, Revolución de Cuba and Founders & Co brands, and Coral Pub Company, led by Ted Kennedy, has acquired 21 Peach pubs.
In total, 1,582 jobs have been preserved across both deals.
The acquisitions expand NEOS’s estate to 40 venues across 22 UK cities.
Closures reported
A total of 21 sites are to be permanently closed as of today, after failing to form part of either transaction, affecting around 591 staff.
Reports state that the following sites will permanently close:
Revolution bars
- Manchester (Oxford Road)
- Huddersfield
- Leicester
- Cardiff
- Nottingham
- Leeds
- Sheffield
- Ipswich
- Plymouth
- Durham
- Exeter
- Preston
Revolución de Cuba
- Glasgow (Renfield Street)
- Manchester (Parsonage Gardens)
- Derby
- Liverpool
- Reading
- Harrogate
- Aberdeen
The only site under Peach Pubs to close is the The Almanack in Kenilworth
‘A complex process’
NEOS CEO Russell Quelch said the opportunity aligned with the group’s national expansion strategy.
“Over the last two years we’ve built a strong foundation as a business, and the opportunity to expand into several major UK cities was too good to be missed. This was a complex process, and our focus throughout was on creating a sustainable future for the bars and as many people as possible. We genuinely feel for the people we couldn’t bring with us.”
Quelch
“We’re excited to work with our new colleagues and look forward to building on the strong foundations already in place to develop NEOS together over the coming years.”
FTI Consulting said Revel had faced “a sustained period of challenging economic conditions”, pointing to weakened demand among younger customers and mounting cost pressures across employment taxes, minimum wage increases and duty on spirits.
Trading of the company’s shares remain suspended and is expected to be cancelled from AIM next month following the resignation of its nominated adviser.
The latest news follows this morning’s update from NEOS that it will open a new dual-concept venue in London’s West End this summer, following a multimillion-pound investment.
