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Revolution Bars ( (GB:TRC) ) has issued an update.
The Revel Collective Plc has appointed joint administrators from FTI Consulting and immediately completed the sale of its Revolution, Revolución de Cuba and Founders & Co businesses to Neos Holdco, and its Peach Pubs portfolio to Coral Pub Company Acquisition, securing the future of 20 bars and 21 pubs and preserving 1,582 jobs. However, 21 underperforming sites are being closed with immediate effect, affecting 591 employees, the formal sale process has been terminated, its nominated adviser Cavendish Capital Markets has resigned, and with no plans to appoint a replacement, the company’s AIM listing is expected to be cancelled within a month, leaving shareholders facing the effective loss of their public market investment.
More about Revolution Bars
The Revel Collective Plc, formerly known for operating the Revolution, Revolución de Cuba, Founders & Co and Peach Pubs brands, runs a portfolio of bars and pubs across the UK, focusing on city-centre cocktail bars and casual dining-led pubs. The group targets a predominantly young, urban customer base through its late-night venues and a broader demographic through its suburban Peach pub estate.
Average Trading Volume: 4,021,683
Technical Sentiment Signal: Sell
Current Market Cap: £375.5K
See more insights into TRC stock on TipRanks’ Stock Analysis page.