Revolution Bars postpones general meeting to 'explore strategic options'

Revolution Bars Group has postponed its upcoming general meeting to “provide additional time to fully explore all its strategic options”.

 

Earlier this month, the operator of the Revolution, Revolution de Cuba and Peach Pubs brands set out a restructuring plan to save the business, which included the closure of 18 loss-making sites.

 

It also launched a formal sale process and completed a £12.5m fundraise, which will be used to support the restructure and provide additional working capital to the company.

 

A general meeting due to be held at 11am on 2 May has been postponed until 20 May.

 

Revolution said the delay followed “discussions with key shareholders” and a further update would be made in due course.

 

Prior to the planned closures, the group operated 58 bars under the Revolution and Revolution de Cuba brands, as well as 22 Peach Pubs sites.

 

Earlier this year, Revolution’s chief executive Rob Pitcher told The Caterer the group had suffered from a drop in spending by young people amid the cost of living crisis.

 

"That Tuesday, Wednesday, Thursday night out has disappeared, and socialising has become more occasion-led because resources are limited,” said Pitcher.

 

“Saturdays continue to be pretty good, but the rest of the week is under real pressure."

 

In contrast, Pitcher said Peach Pubs, whose typical customers are aged 45 and over, had seen an increase in the frequency of customer visits.