Revolution Bars reveals list of venues set to close in CVA proposal
Revolution Bars is planning to close six venues in a move that could result in around 130 job losses.
The chain, which is also seeking rent reductions at seven venues as part of its company voluntary arrangement restructure proposal, has seen trade hammered by the recent 10pm curfew and local lockdowns.
Two London sites, America Square and Clapham High Street, are earmarked for closure if creditors approve the plan.
Revolution Bars, which employs around 2500 people and has 73 venues, is also proposing to close sites in Birmingham, Sunderland, Bath and Solihull.
Chief executive Rob Pitcher said the restructure is being sought in order to "safeguard the future of the group".
He said: "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."
The firm said that its trading outlook is uncertain and that it expects "the important Christmas trading period will be severely compromised".
It said its board does not anticipate "any return to near normal levels" of trading before spring 2021 "at the very earliest".
Creditors are set to vote on the plans on November 13.
Bars earmarked for closure:
Revolution America Square
Revolution Birmingham
Revolution Sunderland
Revolution Bath
Revolution Clapham High Street
Revolution Solihull
Bars where reduced rents are sought:
Clapham Junction
Putney
Richmond
Bristol
Reading
Cheltenham
Stafford
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