REVOLUTION Bars Group will continue to explore selling some or all of its venues after efforts to raise £12.5million fell short.
The business – which has a Revolution Bar on Belmont Street in Aberdeen, plus a Revolucion de Cuba in The Academy – has postponed its upcoming general meeting to “provide additional time to fully explore all its strategic options”.
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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.
A general meeting due to be held at 11am on 2 May has been postponed until 20 May.
Last 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.
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 said 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,” he said.
