The Revolution bars owner has made the decision to close down 21 establishments, resulting in the loss of 591 jobs as administrators were brought in to oversee the process.

Administrators announced that The Revel Collective will be closing 14 Revolution Bars locations, six Revolucion de Cuba sites, and one pub under the Peach Pubs division.

Following a warning from company executives earlier in the week, administrators from FTI have confirmed two deals that will safeguard the future of 41 establishments and preserve 1,582 jobs.

Neos Hospitality Group has acquired the Revolution and Revolucion de Cuba brands and assets, while the remaining Peach Pubs business has been purchased by the newly established Coral Pub Company.

In a statement, administrators stated, “Immediately upon their appointment, the Administrators concluded two sales transactions for the business and assets of the Group.” These transactions will ensure the continuation of 20 Revolution, Revolucion de Cuba, and Founders & Co bars, as well as 21 Peach pubs, ultimately protecting 1,582 jobs.

Unfortunately, 14 Revolution bars, six Revolucion de Cuba sites, and one Peach establishment were not part of the sale transactions and will be closed immediately, affecting 591 employees.

The well-known nightlife business, recognized for its iconic venues, had revealed its intention to bring in administrators earlier in the week, while also indicating that discussions regarding a potential sale were progressing well.

Revel Collective, led by former Pizza Express chief Luke Johnson, stated that negotiations for a sale are ongoing, with hopes of providing further updates in the near future. This development follows a strategic review and an active sales process initiated by the company around three months ago.

The company attributed its decision to the challenging economic environment and the collective impact of government interventions, which have hindered the business’s ability to enhance its performance.