Revolution Bars confirms six bars closed as creditors support restructuring
Wednesday, November 18, 2020
The proposals were supported by more than 88 per cent of creditor and the CVA specifically refers to a subsidiary of the Revolution Bars Group that owns 51 Revolution branded rental bars.
Credits in bar chain Revolution have given the go ahead for a comprehensive restructuring plan aimed at reducing 130 jobs and permanently closing six establishments.
Revolution Bars, which employs about 2500 staff with 73 venues, will switch its Clapham Junction, Putney, Richmond, Bristol, Reading, Cheltenham and Stafford sites to tenancy and service centres.
Revolution said the reorganisation will entail one-off costs of £1.1m but is expected to save the company about £4m over the next two years.