Revolution Bars considers CVA

By James McAllister

- Last updated on GMT

Revolution Bars considers CVA

Related tags: Revolución de cuba, Revolution, Coronavirus, Curfew, CVA

Revolution Bars Group has confirmed it is working with advisers to secure its long-term viability.

The group, , which operates 74 bars under the Revolution and Revolución de Cuba brands, is currently evaluating the potential impact of the latest restrictions on the business, and is exploring various options including a reduction of its estate through a company voluntary arrangement (CVA).

No decisions have yet been made, but the board is considering all necessary options to ensure its viability in light of the latest Government measures, which force hospitality businesses to close at 10pm every evening and legally obligate licensed venues to operate a table service only. 

Back in May the group said it was 'well-placed' to return to a good trading level following the Coronavirus crisis​, having secured secured a £16.5m loan through the Government's Coronavirus Large Business Interruption Loan Scheme (CLBILs) and increasing its revolving credit facility with NatWest from £21m to £30m.

Earlier this month, the group reported like-for-likes for the 8 weeks to 29 August 2020 72.5% ahead of last year, with the Eat Out to Help Out scheme boosting like-for-like sales between Monday and Wednesday to 188.4%.

The preliminary announcement of Revolution’s annual results is expected to take place at the end of November 2020.

Related topics: Business

Related news

Show more

Spotlight

Follow us

Hospitality Guides

View more

Featured Suppliers

All suppliers

Free Email Newsletter

Subscribe to BigHospitality

The trusted industry reference point

Get the latest news & analysis from the UK hospitality sector straight to your inbox!