Ipswich’s Revolution could be at risk of closure
- Credit: Charlotte Bond
Revolution Bars - which has a branch in Ipswich town centre - has announced it is to close six of its sites nationwide.
The bar chain, which has 50 sites across the country, has turned to creditors for financial help after sales dropped by a third amid the government’s 10pm curfew on bars and restaurants.
The firm said its subsidiary, Revolution Bars Limited, is to set up a company voluntary arrangement as it tries to slash costs.
Creditors will vote to accept the deal, which includes plans to close six bars and reduce rents at seven others.
The firm has not yet announced which of its six sites will close in a move that could lead to 130 job losses.
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Revolution Bars’ sales had bounced back from the coronavirus lockdown, reaching nearly 78% of last year’s levels in the three weeks before the introduction of the 10pm curfew.
However, sales have dropped to less than half of last year’s levels since the harsher measures were introduced last month.
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Rob Pitcher, chief executive of Revolution Bars, said: “The CVA proposed by the group’s Revolution Bars Limited subsidiary entity, if agreed by landlords, is another proactive step to lower outgoings to help safeguard the future of the group and improve long-term performance.
“Throughout this extended period of distress caused by Covid-19, the group has sought to prioritise the health and wellbeing of its staff and customers, minimise its cash consumption, maintain good levels of liquidity to ensure its ongoing viability, and to be in a position to take advantage of opportunities that may arise once restrictions are lifted.”