Ipswich cocktail bar Revolution has been saved after its creditors and landlords voted to restructure the business.
Revolution, on Old Cattle Market, will be spared after 88% of Revolution Bars’ creditors and landlords voted in favour of a company voluntary arrangement (CVA) restructure plan, the business said.
The deal will see six sites close with the loss of around 130 jobs and turnover-based rents for two years at seven of the chain’s bars, with the remaining sites in the company’s stable continuing to trade, subject to lockdown restrictions.
The six Revolution bars set to close are the America Square and Clapham High Street branches in London, alongside sites in Birmingham, Sunderland, Bath and Solihull.
The seven sites which will have turnover-based rents with minimum rental thresholds for the duration of the two-year CVA period are Clapham Junction, Putney, Richmond, Bristol, Reading, Cheltenham and Stafford.
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