10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us

Revolution Bars restructuring plan gets go-ahead

  • James McAllister
  • 9 August 2024
  • 2 minute read
Total
0
Shares
0
0
0

This article was written by Restaurant Online Magazine. Click here to read the original article

image

The group behind the Revolution, Revolución de Cuba and Peach Pubs brands said the plan, which was initially set out in April​​ and launched at the end of May​​, will allow it to restructure certain liabilities associated with a subsidiary of the group (Revolution Bars Limited) and restore it to financial stability.

Under the terms of the restructuring, the group will exit the leases of around 15 loss making sites, which comes on top of the eight that were closed at the beginning of the year​​.

It will also implement rent reductions on certain other sites to enable them to return to profitability at a sustainable level, and amend and extend its secured lending facilities.

Following completion of the plan, the business will operate 27 Revolution Bars, 15 Revolución de Cuba Bars, 22 Peach Pubs, and one Founders & Co. site.

The Revolution board expects the plan to deliver a significant annualised EBITDA improvement of c. £3.8m.

“We are very pleased that the Court has sanctioned the restructuring plan for Revolution Bars Limited,” says Rob Pitcher, CEO of Revolution Bars Group.

“The group is now well diversified across the key brands, providing a more secure financial base and we look forward to the future with improved optimism.

Turning Hotel Spaces into Smart, Tech-Enabled Environments
Trending
Turning Hotel Spaces into Smart, Tech-Enabled Environments

“We know this has been a very difficult period for all of our teams both in our sites and in our support office and I’d like to thank them for their support and resilience.”

The restructuring plan is supported by the group’s secured lender and delivered through the refinancing of its banking facilities.

It is also facilitated by a £12.5m firm placing, subscription, placing and open offer.

“I would also like to thank the group’s wider stakeholders for their support, including our secured lender, current shareholders, our new and existing shareholders who have participated in the fundraising and all our advisors who have assisted us in the development of the plan,” adds Pitcher.

Please click here to access the full original article.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You should like too
View Post
  • Regulatory and Legal Affairs

ILIV Unveils Two New Fabric Collections for Autumn 2025

  • Sophie Weir
  • 23 October 2025
View Post
  • Regulatory and Legal Affairs

RAW Charging publishes new whitepaper: Powering Up the Guest Experience

  • Heather Sandlin
  • 23 October 2025
View Post
  • Regulatory and Legal Affairs

Peachtree Group Completes Over $2 Billion in Private Credit Transactions Through September 2025

  • LODGING Staff
  • 21 October 2025
View Post
  • Regulatory and Legal Affairs

Review: American Airlines’ New AI Trip Planner Shows Promise but Needs Improvement

  • Automatic
  • 20 October 2025
View Post
  • Regulatory and Legal Affairs

Short-term rentals causing ‘huge problems’,…

  • Travel Weekly Group Ltd
  • 17 October 2025
View Post
  • Regulatory and Legal Affairs

RateGain Spain Earns Great Place to Work® Status, Reflecting Global Consistency in Employee Experience

  • Gyan Gaurav
  • 16 October 2025
View Post
  • Regulatory and Legal Affairs

Hospitality Leaders Gather in Cyprus for HOTREC’s 91st General Assembly

  • HOTREC European Hospitality
  • 16 October 2025
View Post
  • Regulatory and Legal Affairs

The Association of Travel Intermediaries…

  • Travel Weekly Group Ltd
  • 16 October 2025
Sponsored Posts
  • What does exceptional hospitality look like today? Download SOCIETIES Magazine

    View Post
  • Winning the World Cup of Demand: A Revenue Management Playbook for Major Events – LodgIQ

    View Post
  • The Practical Guide to Hotel Automation

    View Post
Latest Posts
  • Wunder Werkz chooses “humble materials” for Semiprecious bar in Denver
    • 26 October 2025
  • Leading Through a Firestorm – Gregory Day, Malibu Beach Inn
    • 25 October 2025
  • Are you being served, Sir?
    • 25 October 2025
  • IHG bringing Kimpton brand to Salzburg, Austria
    • 25 October 2025
  • New on the Menu: A savory Japanese custard and a sweet Catalan one
    • 24 October 2025
Sponsors
  • What does exceptional hospitality look like today? Download SOCIETIES Magazine
  • Winning the World Cup of Demand: A Revenue Management Playbook for Major Events – LodgIQ
  • The Practical Guide to Hotel Automation
Contact informations

contact@10minutes.news

Advertise with us
Contact Marjolaine to learn more: marjolaine@wearepragmatik.com
Press release
pr@10minutes.news
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
  • 📰 Columns
  • About us
Discover the best of international hotel news. Categorized, and sign-up to the newsletter

Input your search keywords and press Enter.