Revolution Bars confirms it will close 18 venues
manchestereveningnews.co.ukThe bar and nightclub chain Revolutions has announced that it will be closing 18 of its 90 sites across the UK, as part of a restructuring deal designed to save the company after a difficult start to the year, which last month saw the company's value fall by 99 per cent.
The company blamed economic factors for its difficulties, especially a shift in the drinking habits of young people. Since, 2016, there has been a rapid shift in youth alcohol consumption, with more than one in five young people now not drinking at all.
In their business filings related to the restructuring, the bar chain said that the 18 closures will "primarily impact the Revolution-branded sites" - there are three Revolution venues in Manchester, with one in Deansgate Locks, Oxford Road, and Parsonage Gardens The firm, which also owns the Revolucion de Cuba on Peter Street, received roughly £10m from investors to allow for the restructuring and eventual sale of the business.
This cash will be used to refurbish some of their remaining sites, which they will also be requesting a rent reduction for. READ MORE: All the 80 Manchester pubs run by Stonegate chain in £2bn debt Despite the difficult trading conditions, the Revolution group has managed to turn a profit recently, turning a 0.1m loss into a 3.1m profit at the end of 2023.
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