The Revel Collective, owner of Revolution Bars, has announced that it will close 21 of its venues across the UK.
This is due to entering administration and as a result, 591 jobs are to be affected.
It comes after its owners slammed the government's “regressive” Budget for piling pressure on an already struggling hospitality sector.
It’s thought that between 591 and 2,200 jobs could be at risk due to fall into administration.
Revolution to close 21 bars across the UK
The chain’s parent firm, Revel Collective, has been pushed to call in administrators by what it calls a 'perfect storm' of rising costs and punishing tax hikes.
The company, which runs 62 bars across the UK, put itself up for sale last autumn, warning that “continued external challenges” were making survival harder by the month.
Now, despite talks with a buyer said to be “well advanced”, administrators have been called in.
Are Revolution's bars still operating?
For now, venues including Revolution, Revolución de Cuba and Peach will keep serving customers, but the firm has been suspended from trading on London’s AIM market.
What happens when a company goes into administration?
Administrators said it will shut 14 Revolution Bars venues, six Revolucion de Cuba sites and one pub under its Peach Pubs division.
So far, no locations affected by closures have been confirmed.
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It came as administrators from FTI confirmed a pair of deals which will secure the future of 41 sites and 1,582 jobs.
The Revolution and Revolucion de Cuba brands and assets have been bought by Neos Hospitality Group, which runs the Barbara’s Bier Haus and Bonnie Rogues brands.
Meanwhile, the remaining Peach Pubs business has been bought by a newly formed group, Coral Pub Company.
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